SEPT 22//GOLD DOWN $4.50 TO $1907.50//SILVER IS DOWN ONE CENT TO $24.41//GOLD TONNAGE STANDING AT THE COMEX: 13.78 TONNES//FOR SILVER: 54.455 MILLION OZ//MONSTROUS ADDITIONS INTO THE GLD: 18.98 TONNES ADDED AND 2.14 MILLION OZ ADDED INTO THE SLV///CORONAVIRUS UPDATES: THE GLOBE//CHINA VS USA//TIK TOK//CHINA ALARMING TAIWAN//ANOTHER EXPLOSION IN BEIRUT HARBOUR WHERE HEZBOLLAH KEEPS MUNITIONS//USA ECONONOMIC HARSHIP STORIES//TRUMP HAS THE VOTES TO SECURE NOMINATION OF SUPREME COURT JUSTICE//SWAMP STORIES FOR YOU TONIGHT//

GOLD$1903.00  DOWN $4.50   The quote is London spot price

 

 

 

 

 

Silver:$24.41 DOWN  $.01   London spot price ( cash market)

Today is seems that the algos again were intent to send the Dow and Nasdaq into oblivion.  Lately the stock market has been paired with gold/silver and thus the tanking of the stock market causes the huge fall in our precious metals.  However our London boys are very mindful of the price as they are exercising circulating EFP’s and  turning them into physical metal. Switzerland is now out of metal and so is London.  With demand for physical through the roof, where are these traders going to locate gold/silver?

 

Closing access prices:  London spot

i)Gold : $1912.30  LONDON SPOT  4:30 pm

 

ii)SILVER:  $24.73//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  $1900.60  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $2.40 BACKWARD//

 

 

 

DEC. GOLD  $1907.80   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $3.80/ CONTANGO   ( $2.50 BELOW NORMAL CONTANGO)

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $24.43…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 2 CENTS CONTANGO// 2 CENTS ABOVE NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $24.56  1:30  PM SPREAD SPOT/FUTURE DEC.       : 15  CENTS PER OZ  CONTANGO ( 9 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

data released at 5 am

 

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

receiving today: 185/439

DLV615-T CME CLEARING
BUSINESS DATE: 09/21/2020 DAILY DELIVERY NOTICES RUN DATE: 09/21/2020
PRODUCT GROUP: METALS RUN TIME: 22:45:38
CONTRACT: SEPTEMBER 2020 COMEX 5000 SILVER FUTURES
SETTLEMENT: 24.299000000 USD
INTENT DATE: 09/21/2020 DELIVERY DATE: 09/23/2020

FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 29
132 C SG AMERICAS 264
135 H RAND 1
190 H BMO CAPITAL 12
226 C DIRECT ACCESS 1
363 H WELLS FARGO SEC 12
435 H SCOTIA CAPITAL 14
657 C MORGAN STANLEY 30
661 C JP MORGAN 115 185
690 C ABN AMRO 60
709 C BARCLAYS 34
709 H BARCLAYS 2
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 26 58
800 C MAREX SPEC 4
880 H CITIGROUP 5
905 C ADM 25
____________________________________________________________________________________________

TOTAL: 439 439
MONTH TO DATE: 10,7

issued:  115

 

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT CONTRACT: 50 NOTICE(S) FOR 5,000 OZ  (0.155 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  4409 NOTICES FOR 440,900 OZ  (13.713 tonnes) 

 

 

SILVER

 

 

439 NOTICE(S) FILED TODAY FOR 2,195,000  OZ/

total number of notices filed so far this month: 10,708 for 53.540 MILLION oz

 

BITCOIN MORNING QUOTE  $10462  UP 55

 

BITCOIN AFTERNOON QUOTE.: $10,493 UP 75

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $4.50AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINERS CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?

WHAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

A MONSTROUS:  18.98 TONNES OF PAPER GOLD ADDED INTO THE GLD

WHAT A FRAUD!!

 

GLD: 1,278.82 TONNES OF GOLD//

 

 

WITH SILVER DOWN $.01  TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV.

A MONSTROUS:2.141 MILLION OZ ADDED TO THE SLV//

RESTING SLV INVENTORY TONIGHT:

 

SLV: 555.491  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

 

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IN SILVER THE COMEX OI FELL BY A STRONG 5313 CONTRACTS FROM 163,839 DOWN TO 158,526, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR NASTY  $2.43 FALL IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO  BANKER  SILVER SHORT COVERING..  COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL :   SOME  LONG LIQUIDATION, AND A GOOD  INCREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT.  WE HAD A STRONG NET LOSS IN OUR TWO EXCHANGES OF 3449 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

WE WERE  NOTIFIED  THAT WE HAD A TINY  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  135, AS WE HAD THE FOLLOWING ISSUANCE:  SEP 0;  DEC:  1864, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1864 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM!

 

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 26 MONTHS.

 

 

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

54.455 MILLION OZ INITIALLY STANDING IN SEPT

 

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $2.43) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME  SILVER LONGS AS WE HAD A LOSS IN OUR TWO EXCHANGES. THE RAIDS THESE PAST SEVERAL DAYS WERE ORCHESTRATED BY THE BIS WITH MEGA ASSISTANCE FROM OUR CRIMINAL BANKERS ANDOUR ALGOS. THEIR CHIEF AIM WAS TO REMOVE SPECULATORS FROM THEIR LONG POSITIONS…..   WE ALSO HAD  ii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL GAIN IN SILVER OZ STANDING  FOR SEPTEMBER, 3) STRONG COMEX LOSS AND 4) SOME LONG LIQUIDATION.  YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

SEPT.

 

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY /FOR MONTH OF SEPT:

11,384 CONTRACTS (FOR 15 TRADING DAY(S) TOTAL 11,384 CONTRACTS) OR 56.92 MILLION OZ: (AVERAGE PER DAY: 758 CONTRACTS OR 3.794 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT: 56.92 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.80% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*  JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

 

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,436.62 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL :  ……     259.600 MILLION OZ

MARCH EFP’S …..                     452.280 MILLION OZ  //TOTALS//AND A NEW RECORD FOR THE MONTH)

APRIL EFP                               95.355 MILLION OZ.  (EX. FOR PHYSICALS BECOMING A LOT LESS)

MAY EFP FINAL:                     77.27 MILLION OZ

JUNE EFP                              71.15 MILLION OZ.

JULY EFP                               133.95 MILLION OZ/ (EXCHANGE FOR PHYSICALS STARTING TO RISE EXPONENTIALLY AGAIN)

AUGUST EFP                         127.46 MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

SEPT EFP                                56.92 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

 

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5313, WITH OUR  $2.43 FALL IN SILVER PRICING AT THE COMEX ///MONDAY.THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1864 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

 

 

TODAY WE LOST A STRONG SIZED 3449 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $2.43 FALL IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1864 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED DECREASE OF 5313 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $2.43 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.42 // MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.755 BILLION OZ TO BE EXACT or 113% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 439 NOTICE(S) FOR 2,195,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

 

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.480 MILLION OZ//MAR: 23.005 MILLION OZ/APRIL 4.660 MILLION OZ//MAY  45.220 MILLION OZ//JUNE: 2.205 MILLION OZ// JULY 86.470 million oz//AUGUST 6.475 MILLION OZ//SEPT. 54.455 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

 

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALLER THAN EXPECTED 5202 CONTRACTS TO 575,087 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL SIZED LOSS IN COMEX OI OCCURRED  WITH OUR HUGE LOSS IN PRICE  OF $47.20 /// COMEX GOLD TRADING// MONDAY//WE HAD  BANKER SHORT COVERING AS, DESPITE THE CONSTANT RAIDS, WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES (985 CONTRACTS)...  BASICALLY, NOBODY HAS LEFT THE GOLD ARENA.  WE ALSO HAD A GOOD ADVANCE IN TONNAGE STANDING AT THE GOLD COMEX FOR SEPTEMBER ACCOMPANYING OUR SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR FALL IN PRICE OF $47.20. 

 

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  127//

 

 

WE LOST A SMALL SIZED 1502 CONTRACTS  (4.671 TONNES) ON OUR TWO EXCHANGES DESPITE THE  NASTY RAID.

 

E.F.P. ISSUANCE

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 3700 CONTRACTS:

CONTRACT . OCT: 0 DEC: 3700; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 3700.  The NEW COMEX OI for the gold complex rests at 574,570. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1502 CONTRACTS: 5202 CONTRACTS DECREASED AT THE COMEX AND 3700 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 1502 CONTRACTS OR 4.671 TONNES. MONDAY, WE HAD A LOSS OF $47.20 IN GOLD TRADING…...

THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $47.20)WE ALSO HAD SOME BANKER SHORT COVERING OPERATION AS WELL AS SOME ALGO SHORT COVERING

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3700) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (5202 OI): TOTAL LOSS IN THE TWO EXCHANGES:  1502 CONTRACTS. WE NO DOUBT HAD 1 ) BANKER SHORT COVERING AND ALGO SHORT COVERING ,2.)A SMALL ADVANCE IN  STANDING AT THE GOLD COMEX FOR THE FRONT SEPT. MONTH,  3) SOME LONG LIQUIDATION;4) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  ...ALL OF THIS WAS COUPLED WITH OUR LOSS IN GOLD PRICE TRADING//MONDAY//$47.20.

 

 

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

THE FACT THAT WE ARE CONTINUALLY SEEING A DROP IN COMEX OPEN INTEREST AND VOLUMES COUPLED WITH LESS EXCHANGE FOR PHYSICALS PROBABLY MEANS THAT OUR LONGS ARE ALREADY DEPARTING NEW YORK FOR THE NEW PHYSICAL PLATFORM AT LONDON’S LME.

 

EXCHANGE FOR PHYSICALS//OUTLINE

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  (WE SWITCH OVER TO SILVER ON OCT  1)

 

 

OUR SPREADING OPERATION HAS NOW SWITCHED INTO GOLD…..

SPREADING OPERATION FOR OUR NEWCOMERS:

 

FOR NEWCOMERS, HERE ARE THE DETAILS:

 

SPREADING LIQUIDATION HAS NOW COMMENCED IN GOLD  AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT.

 

 

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

 HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

 

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR SILVER..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR GOLD.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

 

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

 

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

 

 

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON  ACTIVE DELIVERY MONTH OF SEPT. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF OCT FOR GOLD:

 

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF SEPT. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

SEPT.

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 42,515, CONTRACTS OR 4,251,500 oz OR 132.23 TONNES (15 TRADING DAY(S) AND THUS AVERAGING: 2773 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 15 TRADING DAY(S) IN  TONNES: 120.73 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2019, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 142.23/3550 x 100% TONNES =4.000% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,511.23  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE                1,098.93  TONNES  (*AND A NEW ALL TIME RECORD ISSUANCE//22 DAYS)

APRIL TOTAL EFP. ISSUANCE:               243.45  TONNES  (EFP ISSUANCE BECOMING A LOT LESS)

MAY TOTAL EFP ISSUANCE:                     248.68 TONNES (EFP ISSUANCE STILL LOW// PREMIUM COST TO THE BANKERS IS HUGE..SO ISSUANCE IS LESS)

JUNE TOTAL EFP ISSUANCE:                     192.06 TONNES (EFP ISSUANCE EXTREMELY LOW)

JULY TOTAL EFP ISSUANCE;                       313.09 TONNES ..(EXCHANGE FOR PHYSICALS REVERSE COURSE AND ARE NOW INCREASING!)

AUGUST TOTAL EFP ISSUANCE;                 150.78 TONNES  FINAL (AGAIN: RETREATING IN NUMBERS)

SEPT TOTAL EFP ISSUANCE:                       132.23 TONNES

 

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

 

1.Today, we had the open interest at the comex, in SILVER, FELL BY A STRONG SIZED 5313 CONTRACTS FROM 163,839, DOWN TO 158,526 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE STRONG SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)   BANKER//ALGO SHORT COVERING  , 2) A STRONG  ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A GOOD GAIN IN OUNCES STANDING FOR SILVER AT THE COMEX FOR SEPT., AND 4) SOME LONG LIQUIDATION,

 

 

 

 

EFP ISSUANCE 1864 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 SEPT: 0 AND DEC. 1864 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1864 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 5313 CONTRACTS TO THE 1864 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED LOSS OF 3449 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 17.245 MILLION  OZ, OCCURRED WITH OUR $2.43 FALL IN PRICE///

 

 

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i))TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 42.93 POINTS OR 1.29%  //Hang Sang CLOSED DOWN 1233.84 POINTS OR 0.95%   /The Nikkei closed UP 40.93 POINTS OR 0.18%//Australia’s all ordinaires CLOSED DOWN .67%

/Chinese yuan (ONSHORE) closed UP  at 6.7747 /Oil UP TO 39.60 dollars per barrel for WTI and 41.94 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7747 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7789 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 

 

 

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

 

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  FELL BY BY A SURPRISINGLY SMALL SIZED 5202 CONTRACTS TO 574,570 MOVING FURTHER FROM  OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND ALL OF THIS SMALLISH COMEX DECREASE OCCURRED DESPITE OUR STRONG FALL OF $47.20 IN GOLD PRICING /MONDAY’S COMEX TRADING/). WE ALSO HAD A FAIR EFP ISSUANCE (3700 CONTRACTS),.  THUS,  WE HAD  1)  CONSIDERABLE BANKER SHORT COVERING AS WE HAD A SMALL LOSS IN THE TWO EXCHANGES OF 5202 CONTRACTS,.……. , PLUS WE HAD 2)  SOME LONG LIQUIDATION  AND 3)  ANOTHER SMALL INCREASE IN TONNAGE  STANDING AT THE GOLD COMEX//SEPT. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED OUR SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 1502 CONTRACTS MENTIONED ABOVE. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. FOR THE PAST TWO DAYS WE HAVE WITNESSED A HUGE INCREASE IN EFP ISSUANCE. HOWEVER TODAY WE REVERTED BACK TO LOWER AMOUNTS ISSUED. 

HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS..

 

 

 

(SEE BELOW)

 

 

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 127

 

 

 

 

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 825 EFP CONTRACTS WERE ISSUED:   OCT: DEC 3700; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3700  CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A GOOD PREMIUM IN THE FUTURES/SPOT, THEN THE NUMBER OF EXCHANGE FOR PHYSICALS DECLINE IN NUMBERS.  THE COST IS JUST TOO MUCH FOR THEM TO ISSUE. TODAY THAT PREMIUM WAS SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 1502 TOTAL CONTRACTS IN THAT 3700 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALLER THAN EXPECTED SIZED 5202 COMEX CONTRACTS.   

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $47.20)BUT, THEY WERE  SUCCESSFUL IN FLEECING SOME LONGS AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A NEGATIVE  4.671 TONNES  WITH THE  FALL IN  PRICE

 

 

NET LOSS ON THE TWO EXCHANGES :: 1502, CONTRACTS OR 150,200 OZ OR 4.671 TONNES.

 

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCTION)

THUS IN GOLD WE HAVE THE FOLLOWING:  574,570 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 57.45 MILLION OZ/32,150 OZ PER TONNE =  1787 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1787/2200 OR 81.22% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 279,578 contracts// volume poor

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  412,673 contracts//  volume: good/raid //most of our traders have left for London

 

 

SEPT 22 /2020

SEPT. GOLD CONTRACT MONTH

INITIAL STANDING FOR SEPT GOLD

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
98,410.460 oz
Brinks
Manfra
3.06 tonnes
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

 

nil

No of oz served (contracts) today
50 notice(s)
 5,000 OZ
(.115  TONNES)
No of oz to be served (notices)
21` contracts
(2100 oz)
0.0653 TONNES
Total monthly oz gold served (contracts) so far this month
4409 notices
440,900 OZ
13.713 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 0 deposit into the dealer

 

 

total deposit: nil oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

 

we had 0 deposit into the customer account

 

 

 

 

total customer deposit:  nil     oz

 

 

we had 2 gold withdrawals from the customer account:

i) Out of Brinks:  45,397.210 oz
ii) Out of Manfra:  53,013.25 oz

3.06 tonnes leaves NY probably heading for London

 

 

total withdrawals; 98,410.46     oz  3.06 tonnes

 

 

 

 

We had 0  kilobar transactions  +

 

ADJUSTMENTS: 2 //

i) Out of HSBC:  482.265 oz leaves the customer account and lands into the dealer account

ii) Out of JPMorgan: 100.01 oz leaves the dealer account and this lands into the customer account of JPM

 

 

The front month of SEPT registered a total of 71 contracts for a LOSS of 22 contracts.  We had 37 notices filed on Monday, so we gained  15 contracts or an additional 1500 oz will stand for delivery in this non active month of Sept. Remember that we have been adding to our gold deliveries despite the raid these past 8 days.

Oct LOST A TINY 1113 contracts DOWN to 61,664.  Two major points on this:

a) nobody wants to leave the gold arena

b) we can now safely confirm that a major entity is behind October’s numbers.

Probably Goldman Sachs who has been identified as the major player in the new physical platform at the LME is the one who is accumulating gold in a similar fashion to JPMorgan’s accumulation of silver.  Goldman Sachs needs gold to provide liquidity for that new physical exchange.

November gained 63 contracts to stand at 247.

The big December contract LOST 3404 contracts UP to 426,539 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI FOR OCTOBER AND ITS REFUSAL TO CONTRACT (ROLL TO ANOTHER MONTH). GENERALLY OCTOBER IS A POOR DELIVERY MONTH AS MOST INVESTORS PREFER TO SKIP THIS MONTH AND MOVE STRAIGHT TO DECEMBER.  IT LOOKS LIKE SOME MAJOR ENTITY JUST CANNOT WAIT FOR DECEMBER AS THEY ARE MAKING THEIR MOVE ON OCTOBER FOR PHYSICAL METAL. THE REASON FOR THE RAID WAS GOLD AND OCTOBER’S HIGH OI…THE AIM WAS TO FORCE THESE GUYS FROM TAKING DELIVERY BUT TO NO AVAIL!!

 

 

 

 

 

 

We had 50 notices filed today for  5000 oz

 

FOR THE SEPT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  44 notices were issued from their client or customer account. The total of all issuance by all participants equates to 50  contract(s) of which 7  notices were stopped (received) by j.P. Morgan dealer and 4 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 0 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the SEPT /2020. contract month, we take the total number of notices filed so far for the month (4409) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (71 CONTRACTS ) minus the number of notices served upon today (50 x 100 oz per contract) equals 443,000 OZ OR 13.779 TONNES) the number of ounces standing in this active month of JUNE

thus the INITIAL standings for gold for the SEPT/2020 contract month:

No of notices filed so far (4409, x 100 oz +71 OI) for the front month minus the number of notices served upon today (50) x 100 oz which equals 443,000 oz standing OR 13.779 TONNES in this  active delivery month. This is a HUGE amount for gold standing for a SEPT delivery month (a NON active delivery month).

 

We gained 15 contracts or an additional 1500 oz will try their luck searching for metal on this side of the pond. Somebody today again was in urgent need of physical gold.

 

 

 

 

 

NEW PLEDGED GOLD:  BRINKS

 

334,011.991 oz NOW PLEDGED  SEPT 15.2020/HSBC  10.389 TONNES

 

42,548.308.00 PLEDGED  APRIL 3/2020: SCOTIA:            1.3234 tonnes

deleted Int. Delaware pledge July 7  (600 tonnes)

261,958.320 oz  (some deleted august 3)         JPM  8.14 TONNES

610,238.285 oz pledged June 12/2020 Brinks/   july 2/july 21               19.017 tonnes

51,084.609 oz Pledged August 21/regular account 1.588 tonnes jpm

total pledged gold:  1,299,841.513 oz                                     40.43 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 446.27 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 13.782 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  15,647,571.184 oz or 486.70 tonnes
total weight of pledged:  1,299,841.513 oz or 40.43 tonnes
thus:
registered gold that can be used to settle upon: 14,347.730.0  (446.27 tonnes)
true registered gold  (total registered – pledged tonnes  14,347,730.0 (446.27 tonnes)
total eligible gold:  20,917,363.578 oz (650.61 tonnes)

total registered, pledged  and eligible (customer) gold  36,564,934.762 oz 1,137,32 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1010,98 tonnes

 

end

 

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

 

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

 

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

 

 

THE DATA AND GRAPHS:

 

 

 

THE GOLD COMEX SEEMS TO BE  UNDER SEVERE ASSAULT FOR PHYSICAL

END

SEPT 22/2020

And now for the wild silver comex results

And now for the wild silver comex results

 

INITIAL STANDINGS

SEPT. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 1,279,656.960
Brinks
Delaware
Scotia

 

 

Deposits to the Dealer Inventory
1,861,866.800 oz
Loomis
Manfra

 

Deposits to the Customer Inventory
 834,343.38 oz
jpm
No of oz served today (contracts)
439
CONTRACT(S)
(2,195,000 OZ)
No of oz to be served (notices)
183 contracts
 1,835,000 oz)
Total monthly oz silver served (contracts)  10708 contracts

53,540,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 2 deposits into the dealer:
i) Into Loomis:  1,284,311.700 oz
ii) Into Manfra:  577,555.100 oz

total dealer deposits: 1,861,866.800      oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had 1 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  834,343.38 oz

 

 

 

 

 

 

 

 

 

JPMorgan now has 180.189 million oz of  total silver inventory or 49.01% of all official comex silver. (180.189 million/365/6 million

 

total customer deposits today:  834,343.38   oz

we had 3 withdrawals:

i) Out of Brinks: 1,273,564.560 oz
ii) Out of Delaware: 984.800 oz
iii) Out of Scotia; 5107.600 oz

 

total withdrawals; 1,279,656.960    oz

We had 0 adjustments/

 

Total dealer(registered) silver: 142.579 million oz

total registered and eligible silver:  367.617 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 622 contracts thus losing 12 contracts.  We had 23 notices filed on MONDAY so we GAINED a strong 13 contracts or an additional 65,000 oz will stand in this active delivery month of September  as they refused to  morph into London based forwards and thus they also negated a fiat bonus.  Not only are longs standing for delivery over here but also our London boys  exercising serial forward EFP’s circulating over there and  turning them into real physical metal as we now have a full frontal attack on both of our two precious metals.

We thus gained in silver oz standing and in gold despite the vicious raid.

 

Oct saw another GAIN of 91 contracts to stand at 1962.November gained 25 contract to stand at 38,

The big December contract month saw its OI contract by 5479 contracts down to 135,663

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 439 contract(s) FOR 2,195,000 oz

 

To calculate the number of silver ounces that will stand for delivery in SEPT we take the total number of notices filed for the month so far at 10,708 x 5,000 oz = 53,540,000 oz to which we add the difference between the open interest for the front month of SEPT(622) and the number of notices served upon today 439 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 10,708 (notices served so far) x 5000 oz + OI for front month of SEPT  (622)- number of notices served upon today (439) x 5000 oz of silver standing for the SEPT contract month .equals 54,455,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We GAINED  13 contracts or AN ADDITIONAL 65,000 oz. WILL STAND FOR DELIVERY IN THIS ACTIVE DELIVERY MONTH, AS COMEX LONGS LOOK FOR METAL ON THE THIS SIDE OF THE POND!

 

 

TODAY’S ESTIMATED SILVER VOLUME : 109,652 CONTRACTS // volume strong// raid volume

 

 

 

 

 

FOR YESTERDAY   188,009.  ,CONFIRMED VOLUME// strong/raid

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 188,009 CONTRACTS EQUATES to 0.940 billion  OZ 134.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 1.63% ((SEPT 22/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO +0.28% to NAV:   (SEPT 22/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/1.63%

(courtesy Sprott/GATA

3. SPROTT CEF .A   FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 19.45 TRADING 18.88///NEGATIVE 2.91

END

 

 

 

And now the Gold inventory at the GLD/

SEPT 22/WITH GOLD DOWN $4.50 TODAY, A MONSTROUS CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 18.98 TONNES OF PAPER GOLD ENTER THE GLD///// INVENTORY RESTS AT 1278.62TONNES

SEPT 21/WITH GOLD DOWN $47.20 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 12.94 TONNES INTO THE GLD///INVENTORY RESTS AT 1259.64TONNES

SEPT 18/WITH GOLD UP $10.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS THIS WEEKEND AT: 1246.99 TONNES

SEPT 17/WITH GOLD DOWN $18.05 TODAY: A SMALL  CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .58 TONNES FROM THE GLD//INVENTORY RESTS AT 1246.99 TONNES

SEPT 16.WITH GOLD UP $4.90 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1247.57 TONNES

SEPT 15//WITH GOLD UP $2.25 TODAY: A SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .43 TONNES FROM THE GLD//INVENTORY RESTS AT 1247.57 TONNES

SEPT 14/WITH GOLD  DOWN 90 CENTS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.96 TONNES FROM THE GLD////INVENTORY RESTS AT 1248.00 TONNES

SEPT 11/WITH GOLD DOWN $14.80//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1252.96 TONNES

SEPT 10/WITH GOLD UP $8.85 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.92 TONNES INTO THE GLD////INVENTORY RESTS AT 1252.96 TONNES

SEPT 9/WITH GOLD UP $19.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1250.04 TONNES

SEPT 8/WITH GOLD UP $8.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1250.04 TONNES

SEPT 4//WITH GOLD DOWN $3.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1250.04 TONNES

SEPT 3/WITH GOLD DOWN $7.50 ON THIS 2ND DAY OF A 3 DAY RAID:  NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1250.04 TONNES

SEPT 2/WITH GOLD DOWN $34.00 TODAY, WE HAVE 2 SMALL CHANGES IN GOLD INVENTORY AT THE GLD: 2 WITHDRAWALS OF .87 TONNES AND.59 TONNES FROM THE GLD////INVENTORY RESTS AT 1250.04 TONNES

SEPT 1/WITH GOLD UP $7.10 TODAY, WE HAVE NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1251.50 TONNES

AUGUST 31//WITH GOLD UP $5.90 TODAY/WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD..//INVENTORY RESTS AT 1251.50 TONNES/

AUGUST 28/WITH GOLD UP $38.20 TODAY, WE SURPRISINGLY HAD A .59 TONNE WITHDRAWAL//INVENTORY RESTS AT 1251.50 TONNES

AUGUST 27/WITH GOLD DOWN 17.50 TODAY: WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 3.24 TONNES INTO THE GLD//INVENTORY REST AT 1252.09 TONNES

AUGUST 26/WITH GOLD UP $26.70  TODAY/  WE  HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.53 TONNES FROM THE GLD//RESTS AT 1248.85 TONNES

AUGUST 25/WITH GOLD DOWN $14.60 TODAY, WE  HAD NO CHANGES IN GOLD INVENTORY AT THE GLD//RESTS AT 1252.38 TONNES

AUGUST 24//WITH GOLD DOWN $7.20 TODAY: WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD: /INVENTORY RESTS AT 1258.38 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Inventory rests tonight at

SEPT 22/ GLD INVENTORY 1278.62 tonnes*

LAST;  906 TRADING DAYS:   +339.41 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 806 TRADING DAYS://+517.94  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 22/WITH SILVER DOWN ONE CENT TODAY: A MONSTROUS CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 2.141 MILLION OZ////INVENTORY RESTS AT 555.491 MILLION OZ..

SEPT 21/WITH SILVER DOWN $2.43 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV A PAPER WITHDRAWAL OF 1.862 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 553.350MILLION OZ//

SEPT 18. WITH SILVER DOWN 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.212 MILLION OZ/

SEPT 17/WITH SILVER DOWN 31 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.537 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 555.212 MILLION OZ/

SEPT 16//WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.749 MILLION OZ//

SEPT 15/WITH SILVER UP 11 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.793 MILLION OZ INTO THE SLV..//INVENTORY RESTS AT 558.749 MILLION OZ..

SEPT 14/WITH SILVER UP 47 CENTS TODAY:  HUGE CHANGES IN SILVER INVENTORY AT THE SLV: 2 WITHDRAWALS A) 1.675 MILLION OZ AND ANOTHER B) 0.931 MILLION OZ/ FROM THE SLV////INVENTORY RESTS AT 555.956 MILLION OZ//

SEPT 11/WITH SILVER DOWN 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.562 MILLION OZ//

SEPT 10/WITH SILVER UP 16 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.607 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 558.562 MILLION OZ.

SEPT 9/WITH SILVER UP 6 CENTS TODAY: STRANGE: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.63 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 561.169 MILLION OZ

SEPT 8/WITH SILVER UP 27 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 564.799 MILLION OZ

SEPT 4//WITH SILVER DOWN 15  CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 3.631 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 564.799 MILLION OZ//

SEPT 3//WITH SILVER DOWN 50 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.258 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 568.430 MILLION OZ/./

SEPT 2.WITH SILVER DOWN $1.04 TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.365 MILLION OZ FROM THE SLV///INVENTORY REST AT 571.688 MILLION OZ.

SEPT 1//WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.053 MILLION OZ//

AUGUST 31/WITH SILVER UP 80 CENTS TODAY: A HUGE CHANGE IN THE SLV//A DEPOSIT OF 2.982 MILLION OZ ENTERS THE SLV/INVENTORY RESTS AT 574.053 MILLION OZ//

AUGUST 28/WITH SILVER UP 48 CENTS TODAY: A MASSIVE PAPER DEPOSIT OF 4.652 MILLION OZ ENTERS THE SLV//INVENTORY RESTS AT 571.071 MILLION OZ

AUGUST 27/WITH SILVER DOWN 28 CENTS  TODAY// NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 566.419 MILLION OZ

AUGUST 26//WITH SILVER UP $1.04 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.65 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 566.419 MILLION OZ..

AUGUST 25/WITH SILVER DOWN 21 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.607 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 571.074 MILLION OZ//

AUGUST 24//WITH SILVER DOWN 18 CENTS TODAY: WE HAD A NO CHANGES//INVENTORY RESTS AT 573.843  MILLION OZ//

 

SEPT 22.2020:

SLV INVENTORY RESTS TONIGHT AT

555.491 MILLION OZ

 

 

PHYSICAL GOLD/SILVER STORIES
i) GOLDCORE BLOG/Mark O’Byrne

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Interesting: our bullion banks are making lots of money in the fratured gold market

(Reuters)

‘Free money’ for banks as investors pile into fractured gold market

 Section: 

By Peter Hobson
Reuters
Monday, September 21, 2020

LONDON — Banks are making huge profits from gold as investors flood into a market fractured by the coronavirus crisis.

The world’s largest 50 investment banks are on track to double their income from precious metals this year to around $2.5 billion, most of it from gold, Coalition, a banking consultancy, told Reuters.

“$1.2 billion was the earnings pool last year. This year we already crossed that number,” said Coalition research director Amrit Shahan

The juicy rewards, which have not previously been reported, mark a stunning reversal of fortune for bullion banks. In March some had to wipe hundreds of millions of dollars off their trading books as the global pandemic snarled the supply of gold bars.

 

That disruption sowed the seeds for the current bonanza.

Stung by the losses, many big banks lowered their trading limits on the Comex exchange in New York, the biggest gold futures market, creating a lack of liquidity that pushed prices there above prices in London, the main hub for trading physical gold, and elsewhere.

The divergence created a lucrative opportunity for banks that have the infrastructure to buy metal outside the United States and deliver it to New York to profit on the difference, especially during a pandemic, when investor demand has pushed gold prices to record levels of around $2,000 an ounce. …

… For the remainder of the report:

https://www.reuters.com/article/us-health-coronavirus-gold-trading-insig…

* * *

end

Despite the higher prices for gold, gold miners still will not splurge on unnecessary things

(Reuters)

Gold miners insist they won’t splurge despite price surge

 Section: 

By Helen Reid and Jeff Lewis
Reuters
Monday, September 21, 2020

The world’s top gold miners sought to reassure investors on Monday that they’re not going on a spending spree despite surging gold prices boosting their shares and free cash flow.

Miners are opting to give more cash back to shareholders rather than plotting takeovers that the market may disapprove of with the COVID-19 pandemic far from over.

… 

“We don’t need to, and will not be, chasing volume,” Newmont Chief Executive Tom Palmer told the Gold Forum Americas conference. “In this current gold price environment we are actively assessing an increase to our sustainable dividend.”

 

Newmont’s annual dividend of $1 per share was based on a gold price of $1,200 per ounce. Gold was last trading at $1,887 per ounce.

Kinross reinstated its dividend last week, at 12 cents per share annualized, for the first time since 2013. “We think it’s a good starting point,” CEO Paul Rollinson said at the conference.

Newcrest Mining targets a dividend payout of at least 10 to 30% of free cash flow. …

… For the remainder of the report:

https://www.reuters.com/article/idUSKCN26C2MU

end

Tucker Carlson joins GATA in the big New Orleans conference speaker lineup

(GATA)

TV commentator Tucker Carlson joins GATA in New Orleans conference speaker lineup

 Section: 

8:51p ET Monday, September 21, 2020

Dear Friend of GATA and Gold:

As you may recall, this year’s New Orleans Investment Conference, to be held Wednesday to Saturday, October 14 to 17, will be a “virtual one,” conducted entirely on the internet, so we’ll miss the excitement of the great city.

But the conference’s speakers will remain top-notch. In addition to GATA Chairman Bill Murphy and your secretary/treasurer, conference CEO Brien Lundin announced today that Fox News commentator Tucker Carlson — probably the top TV commentator in the country right now — will make a solo presentation as well as participate in a panel discussion.

Brien’s announcement about Carlson’s appearance and other plans for the conference is below. Please consider joining GATA there.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Tucker Carlson Joins ‘The World’s Greatest Investment Event’

By Brien Lundin, CEO
New Orleans Investment Conference
Monday, September 14, 2020

We’re building the most extraordinary investment event seen anywhere, at any time.

I’m pleased to confirm that we’ve just signed Tucker Carlson to provide his inimitable pre-election analysis to New Orleans Conference attendees

Carlson has agreed not only to provide his typically insightful and entertaining commentary in a solo presentation, but also to join panelists Stephen Moore and Doug Casey on our political panel to deliver their views just days before the presidential election.

Every serious investor needs to participate in New Orleans 2020.

This year’s New Orleans Investment Conference has been radically transformed into much more than “the world’s greatest investment event.” It’s now “the world’s greatest investment club.”

And instead of groaning about the disadvantages of a virtual format, we’re using it to our advantage by reaching out far and wide to bring you a steady parade of extraordinary investment intelligence for months on end, from top experts, wherever they may be.

By going virtual with this year’s conference, we’re able not only to link you up with experts from around the world — many of whom would have great difficulty attending in person — but we also can continue to give you extraordinary events and intelligence for well before the conference and long afterward.

And we’re doing just that. Last week the conference’s first private Zoom call with Rick Rule and Brent Cook was just the start of our parade of value. There’s much more to come.

But let’s not forget the big event itself — when today’s top investors and experts will gather online from Wednesday, October 14, to Saturday, October 17.

In addition to Carlson, this year’s event will feature Robert Kiyosaki, Danielle DiMartino Booth, Jim Rickards, Rick Rule, Peter Schiff, and Grant Williams…

Also, Peter Boockvar, Tavi Costa, Ross Beaty, The Real Estate Guys (Robert Helms and Russ Gray), and Peak Prosperity’s Chris Martenson and Adam Taggart.

And it doesn’t end there. You’ll also hear from:

Mark Skousen, Mary Anne and Pamela Aden, Gary Alexander, Omar Ayales, Brian Bosse, Thom Calandra, Doug Casey, Adrian Day, Gerardo Del Real, Mickey Fulp, Lindsay Hall, Steve Hochberg, Mike Larson, Albert Lu, Bill Murphy, Ned Naylor-Leyland, Chris Powell, Gwen Preston, Dana Samuelson, Ronald-Peter Stoeferle, and Lobo Tiggre.

And Jim Iuorio, Jim Bianco, Jan Nieuwenhuijs, Sean Brodrick, Dave Collum, Dominic Frisby, Lyn Alden, and Rich Checkan.

And believe it or not, there’s even more to come, for I’m still confirming some blockbuster experts, and these announcements will follow soon.

Everyone knows that in a gold bull market, the best place to be is the New Orleans Investment Conference.

Now you don’t have to “be” anywhere, because we’re going to bring this event to you — and for all year long.

So you will get not only the immense value of the New Orleans Conference, but you will get it many times over.

The best news is that registration for this year’s virtual New Orleans Conference is currently just $375.

That’s right. The equivalent of multiple New Orleans Investment Conferences, delivered directly to your computer, for just a few hundred dollars.

Can you imagine your return on that small investment from just one red-hot investment recommendation?

In our Zoom call last week, Rule, Cook, and I not only gave up our most powerful strategies for a metals bull market, we named names — both the best management teams and the best stocks to buy right now.

In fact, we shared six top stock picks, and time’s wasting to buy them before they take off.

The good news is that you can gain immediate access to the recording of this call by registering for New Orleans 2020 now.

And then the flow of investment intelligence will begin for you.

Don’t delay — start enjoying all our market intelligence now. To register, please visit:

https://hopin.to/events/2020-new-orleans-investment-conference

All the best,

Brien Lundin
Editor, Gold Newsletter
CEO, the New Orleans Investment Conference

end

Trump again wants a weakening uSA dollar

(Reuters)

Trump returns to idea of weakening the dollar

 Section: 

Trump Says Aides Rejected His Request to Weaken Dollar

By Jeff Mason and Andrea Shalal
Reuters
Monday, September 21, 2020

DAYTON, Ohio — President Donald Trump said today he was rebuffed when he asked officials to adjust the exchange rate of the dollar to counteract what he described as repeated currency manipulation by China of its yuan.

Trump told thousands of supporters at a political rally in Dayton, Ohio, that his policies were saving jobs in the political battleground state after years of inaction to confront China’s aggressive behavior in global markets.

… 

“I go to my guys, ‘What about doing a little movement on the dollar?'” he said, but they countered that was not possible. “‘Sir, we can’t do that. It has to float naturally.'”

 

The Republican president, who is seeking reelection to a second term in the Nov. 3 national poll, repeated his claim — which China denies — that Beijing deliberately changes the value of its currency to gain competitive advantage in global markets. …

… For the remainder of the report:

https://www.reuters.com/article/idUSKCN26C39X

end

iii) Other physical stories:

Russia has decided to sell its gold production from mines in order to have a current account surplus and give weight to its currency

Turkey has bought 170 tonnes this year. Russia produces around 320 tonnes and no doubt that this gold is helping fill the gold deficit.

(lawrie williams)

LAWRIE WILLIAMS: Russia sticks to its guns – no new central bank gold buying

The Russian central bank has released details of its foreign exchange position at the end of August, indicating again that the bank has not been buying any gold for its reserves. This has not come as a surprise, despite Russia being the world’s largest known buyer of gold for its reserves for several years. The cessation of gold purchases is a policy it had announced earlier in the year in stating that April would be the final month, at least for the time being, of central bank gold additions to the nation’s forex reserves.

Russia is arguably the world’s second largest gold producer by volume, just pipping Australia to that position last year according to precious metals consultancy, Metals Focus. It has designs on overtaking China as the world’s top gold producer, and if its gold output growth continues at the current rate, and China’s continues to decline, this position could be achieved within the next 2-3 years.

Russian gold miners have thus been forced to sell their product on the open market which has enabled gold to replace natural gas as a top export earner with natural gas prices low, and gold prices high. That has enabled the Russian state to run a continuing balance of trade surplus which has been a huge boost to the national economy given that it has been hit by U.S.-initiated trade sanctions which have closed some markets to Russian exports and by the big fall in oil and gas prices. While the national trade surplus is lower year on year, it is still in positive territory unlike most Western nations – and the U.S. in particular which has recorded a trade deficit so far this year of some $360 billion. The U.S. has also been piling up a huge debt position in its efforts to allay the economic effects of the COVID-19 virus pandemic which may well come back to haunt the nation once the virus pandemic is behind us.

While both trade surpluses and deficits are seen to offer some advantages, carrying a trade surplus is somewhat akin to a business making a profit. Thus a nation carrying a surplus has some opportunities in the foreign exchange markets enabling it to build reserves of dollars, or some other currency, thus strengthening its position in the global financial pecking order. In the past Russia has been able to use its trade surpluses to buy gold. Given its current reluctance to buy dollars, because it fears that the U.S. might cut off its access to dollar-based treasuries and to dollars themselves, it is no doubt using its surpluses to build its reserves of other key currencies like the Chinese yuan, the Japanese yen or the euro. While this might signify a reduction in the dollar’s position as the global reserve currency, Russia’s policy on its own would only have a pretty limited impact on the dollar’s global status. But, of course, should other major trading nations start to follow a similar path the U.S. dollar’s role as the global reserve currency might be gradually eroded, but we’re far from that position at the moment.

Thus don’t expect Russia to change its policy of ceasing to purchase gold for its reserves for now. The Russian central bank’s position as the dominant gold purchaser of the past several years has been largely replaced by Turkey so far this year, with the latter’s central bank taking in around 170 tonnes of gold in the first seven months. The value to Russia of gold’s contribution to its balance of trade surplus will thus likely remain in place until there is a recovery in oil and gas prices sufficient to make gold exports no longer necessary to maintai a balance of trade surplus.

22 Sep 2020

J Johnson’s commodity report

(J Johnson)

https://www.jsmineset.com/2020/09/22/how-many-smelters-does-it-take-to-stay-liquid/

How Many Smelters Does It Take to Stay Liquid?

Posted September 22nd, 2020 at 9:16 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful First Day of Fall Folks,

      Gold is still in the playoffs after yesterday’s central bankers temper tantrum with the December contract now at $1,912.10, up $1.50 after hitting a high of $1,925.50, which happened much earlier last night with the low during London’s time at $1,898.90. The Red Headed step child – Silver – took the bigger beating, and is now trading at $24.455, up 6.8 cents after a high of $25.30 was reached with the low at $23.91. The US Dollar, no matter how much gets printed, is absorbed into the system somehow, with its value pegged at 93.555, down 12.9 points and close to the low of 93.50 with the high way up there at 93.93. Of course, all this happened before 5am pst, the Comex open, the London close, the last moments of Summer (officially ends at 6:30am pst), and after Nancy, once again, makes famous “Q and the Anons”, by attacking one of their own socialist supporting platforms of truth – facebook – by saying how can they ‘look themselves in the mirror’? The Anon’s say; “with the help of a hairdresser”, Simple logic answers the question(s).

      The emerging markets currencies are all interlinked directly into the primary currencies, woven into the fabric and completely anti-precious metals (until the breaking point is reached), with Gold in Venezuelan now priced at 19,097.10 Bolivar, giving the buyer a 255.68 discount from yesterday’s quote with Silver’s value reduced by 19.626 with the last price at 244.244 Bolivar. Argentinians are now able to acquire Gold at 144,377.39 A-Peso’s, giving today’s buyers a 1,533.11 discount, which is less than yesterday’s pull with Silver buyers getting a 142.68 A-Peso discount from Monday with the last price at 1,846.80, more than doubling yesterday’s drop. Gold’s price under the Turkish Lira is now valued at 14,617.35, with its cost reduced by 128.55 with Silver’s last price at 186.913 T-Lira taking back 14.152.

      Silver’s Delivery Demands now shows a count of 622 fully paid for contracts waiting for receipts, and with a Volume of 34 already up on the board with a trading range between $24.57 and $24.16 with the last buy at $24.275, down 2.4 cents from yesterday’s Comex Close. Friday/Monday’s delivery count was not reduced until way after the Comex close, and before the ICE end, where the “deciders” adjusted the count down to 634 contracts waiting for receipts, reducing Friday’s count by 274 contracts that may have gotten receipts here, London, or are still waiting. Now, we see a reduction of 12 contracts from that adjustment, that may have gotten receipts with yesterday’s full day of trade happening in between $26.30 and $24.075 with the last buy at $24.46 with that calculated Comex close at $24.299, down $2.729. Also, of note was yesterday’s Volume totaling 148 new buy orders which took away another 740,000 ounces in either physicals or receipts. Silver’s Overall Open Interest, the numbers behind the price, shows a reduction of 4,176 paper contracts that go against the physicals bringing today’s starting total to 159,117 Overnighters. The Open Interest numbers are getting down to the point where the biggest rises have occurred in the past. What will happen this time when the paper count gets below 130,000 contracts, that go against the physicals, when the physicals are that much harder to find? Reminder; how many more smelters does it take to keep Comex/LBMA physicals liquid?

      September Gold’s Delivery Demands now has a total of 72 fully paid for contracts waiting for receipts with a Volume of 1 and a single price “trading range” at $1,913.10, a gain of $11.90, so far today. The Comex deciders also made an adjustment in the demand count by raising the physical requests by 5 contracts bringing the new total to 93, and in between the Comex and the ICE close. Yesterday’s price range inside the deliveries happened in between $1,946.20 and $1,883.40 with the CCC at $1,901.20 reducing the value by $50.90 with a Volume of 52 contracts swapping hands. Yesterday’s volatility caused 1,812 short contracts to exit the trade leaving a total of 575,087 Overnighters to go against the buyers of physicals.

      The shorts may have brought the prices down, but all they’re doing is helping the buyers out, now more than ever, as more and more people see what the Federal Reserve, and the rest of the centrals are doing to the values of all currencies, which in turn makes all things outside the CPI far more expensive. Jay Powell is supposed to speak 3 more times this week, to make sure his point is made; “we’re gonna print a lot!” We also have the October Options coming off the board on the 24th, with next week Wednesday being the very last day of the 2020 fiscal year. Which may be why we see this drop in precious metals value along with Nancy and her squad of truthers, using a stopgap approach, to keep funds from those that need it to survive this thing, once again.

      Keep it real! Everything is changing and that includes the slamming of the precious metals price. One day, we will see the same exact move upwards, and it will never come back. So have faith in your logic, paper never wins over rock, and we’ll see it again, sooner than later. After all, Gold made a brand-new life of contract high in August! That is a fact and it will never go away. Silver will soon do the Hi Ho, and those that hold, will find it hard to peel themselves from the ceiling once that metal break free and catches up to the ratio. Prayers for all and as always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them
(courtesy zerohedge/Chris Powell)

US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case

  • The U.S. wants a federal judge to halt a civil lawsuit accusing J. P. Morgan of manipulating precious metals markets. The Justice Department cited an ongoing criminal case as its reason for the request.
  • A former J. P. Morgan trader pleaded guilty in Connecticut last month to manipulation charges.
  • In the guilty plea, the trader said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors.

A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

Amr Alfiky | Reuters
A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets.

The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders. The government also says it could ask for a longer delay in the case, according to a court filing on Monday.

The move comes days after Shak’s lawyer, David Kovel, sought permission to reopen questioning of two former J. P. Morgan traders and the bank’s current global head of base and precious metals trading.

Kovel, in making the request with the Manhattan federal judge in the civil case, cited last month’s guilty plea by one of those former traders, John Edmonds, in federal court in Connecticut.

Edmonds admitted making bogus bids on precious metals contracts while working at the bank from 2009 to 2015.

Neither J. P. Morgan Chase nor Kovel’s clients have opposed the Justice Department’s request.

In arguing for a delay, the Justice Department said Shak’s lawsuit is “related” to Edmonds’ criminal case and that Edmonds has “pleaded guilty and acknowledged his own participation in such conduct, as well as that of other traders.”

“Edmonds awaits sentencing, but the broader investigation is ongoing,” the Justice Department said. The U.S. wants to delay the civil case “to protect the integrity of its ongoing criminal investigation,” it said.

J. P. Morgan did not respond to a request for comment by CNBC. Kovel declined to comment.

Tuesday night, after this story first was published, Judge Paul Engelmayer ordered the federal prosecutors to explain in detail by Monday why postponing proceedings in the civil lawsuit would not harm those involved, and why reopening questioning “would be detrimental to the Government’s ongoing criminal investigation.”

Englemayer also wrote that he regards Edmonds’ guilty plea “as potentially highly consequential” to the civil case.

In his guilty plea, the 36-year-old Edmonds said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors. He admitted to working with “unnamed co-conspirators” at J. P. Morgan, according to the Justice Department.

Kovel wants to question Edmonds again as well as Michael Nowak, the bank’s global head of base and precious metal trading, and former J. P. Morgan Chase Managing Director Robert Gottlieb. The three had previously answered questions under oath in the civil case.

Kovel said in court filings that Nowak was the immediate supervisor of Edmonds, while Gottlieb was Edmonds’ mentor.

In his prior deposition, Edmonds said that Gottlieb sat only a “couple feet” away from him for about five years, and that he was “somebody [he] looked up to in the business,” who helped guide and train him.

Nowak is described by Edmonds as his direct supervisor, with whom he would sometimes discuss trading strategies. Nowak was also the person responsible for overseeing the performance and risk of Edmonds’ portfolio, according to the deposition.

Edmonds also stated in his prior deposition that he would enter precious metals trades for both Nowak and Gottlieb, among others.

The civil lawsuit claims Shak and his fellow plaintiffs lost tens of millions of dollars as a result of actions by J. P. Morgan’s traders.

A federal judge tells traders that they can combine cases (with the other 6 banks) as they accused JPMorgan of rigging the precious metals market
(courtesy CNBC)

Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market

  • Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
  • Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

71671201

Spencer Platt | Getty Images

A group of traders from across the U.S. who allege that J. P. Morgan Chase manipulated precious metals markets for years are one step closer to bringing a class action suit against the nation’s largest bank.

Earlier this month, a federal judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded in the precious metals market from Jan. 2009 through Dec. 2015.

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.

J. P. Morgan declined to comment on this story.

Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

Vincent Briganti, a partner at the firm, filed the first suit seeking class action status in November on behalf of Dominick Cognata, a trader who alleges he suffered losses due to J.P. Morgan’s illegal trading conduct in the silver and gold futures and options markets.

That was after the federal court in Connecticut unsealed a criminal plea agreement by John Edmonds, a former J.P. Morgan metals trader. In his guilty plea, Edmonds, who is 36-years old, admitted that he and other “unnamed co-conspirators” fraudulently manipulated the precious metals markets while they were employed at J. P. Morgan from 2009 to 2015.

Edmonds said he had learned the illegal trading tactics from senior traders, and then used them hundreds of times with the knowledge of and consent of his immediate supervisors.

Briganti’s lawsuit also names John Edmonds and a group of yet-to-be-identified precious metals traders and the bank as defendants.

On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.

“We are hopeful that this extension will result in completing service on Mr. Edmonds without formal motion practice and a request for alternative means of service,” Briganti said in the letter.

The next step in the civil case is for the plaintiffs to file an amended class action complaint and set a schedule for defendants to respond.

In addition to the proposed class action, J. P. Morgan also faces a separate civil suit which also accuses the bank of rigging precious metals markets.

end

March 4.2019

Parker City News

JP Morgan faces potential class action lawsuit after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation‘s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut with a former J. P. Morgan Chase metals trader.

The cases could potentially include thousands of people who traded in the precious metals market. The White Plains, N.Y., law firm Lowey Dannenberg is asking the court to combine the cases and name it as the lead.

The law firm‘s commodities group is led by Vincent Briganti, the attorney who filed the first lawsuit on behalf of Dominick Cognata, a New York resident who alleges he suffered losses due to J. P. Morgan‘s trading conduct in the silver and gold futures and options markets.

A combined case, seeking class action status, would include anyone who purchased or sold futures contracts or an option on NYMEX platinum or palladium or COMEX silver or gold between at least Jan. 1, 2009, and Dec. 31, 2015. The lawyers believe that “at least hundreds, if not thousands” of traders would be eligible to join the case.

Named as defendants in all of the lawsuits are John Edmonds, a 36-year old former metals trader at J. P. Morgan, a group of yet-to-be-identified precious metals traders and the bank.

Edmonds, a New York resident, pleaded guilty in October to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud. In the criminal plea, Edmonds admitted that he and other “unnamed co- conspirators” at J. P. Morgan, fraudulently manipulated precious metals markets from 2009 to 2015, the same time frame covered in the class action suits.

Briganti filed the initial class action on Nov. 7, just one day after the Justice Department unsealed Edmonds‘ plea in the U.S. District Court of Connecticut.

Edmonds admitted in his guilty plea that he deployed the illegal trading scheme hundreds of times with the direct knowledge and consent of his immediate supervisors. Plaintiffs say they have suffered economic injury, including monetary losses, as a direct result of actions by Edmonds and the other unnamed J. P. Morgan metals traders in the futures and options contracts.

One of the suits alleges that “the number of unlawful trades that JP Morgan traders executed in precious metals futures markets is at least in the thousands.”

J. P. Morgan declined to comment. Lowey Dannenberg did not respond to a request for comment by CNBC.

The Justice Department‘s criminal investigation is still ongoing and recently caused a separate related civil case to be put on hold for at least six months while the government continues its investigation. That civil lawsuit, which also accuses J. P. Morgan of rigging the precious metals market, was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders.

After reviewing the details of the plea agreement, David Kovel, the attorney for Shak‘s suit, sought to re- interview Edmonds, along with two other current and former senior traders at the bank. However, the government argued that reopening questioning would be detrimental to the ongoing criminal investigation. The federal judge overseeing the proceedings ordered a six-month stay in the civil case.

Kovel declined to comment.

Edmonds was originally scheduled to be sentenced in Hartford, Conn., on Wednesday, Dec. 19, but a court filing on Nov. 27 shows the sentencing has been postponed until June. A spokesman for the U.S. Attorney for Connecticut could not elaborate on why the sentencing was postponed since the court filing is under seal.

-END-

Justice Department stalls another class action in gold market rigging, this one against JPM

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

Proceedings in the federal class-action anti-trust lawsuit against JPMorganChase charging the investment bank with manipulating the gold and silver futures markets —

http://www.gata.org/node/18844

— have been suspended for three months at the request of the U.S. Justice Department, just as the department has arranged suspension of proceedings in the class-action anti-trust lawsuit against Deutsche Bank charging similar market manipulation.

… 

In both cases the Justice Department has told U.S. District Court for the Southern District of New York that proceedings would jeopardize its criminal investigation into market rigging, which has been admitted by a former JPMorganChase trader, John Edmonds, who awaits sentencing.

According to court filings, the White Plains, New York, law firm representing the plaintiffs against JPMorganChase, Lowey Dannenberg, concurred in the government’s request to suspend proceedings. The stay is to continue for three months and may be extended.

The Justice Department’s motion, granted by the court on February 26 —

http://www.gata.org/files/JPMorganChaseClassActionStay.pdf

— said “the government is not seeking an open-ended stay that could indefinitely postpone this matter and thus jeopardize the parties’ interests in a timely resolution.” The motion added, “Any developments in the criminal case during the period the consolidated action is stayed may reduce or completely resolve the need to litigate certain issues in the consolidated action.”

Much of the Justice Department’s motion is redacted to conceal from the public evidence still under investigation. Edmonds has said he and other traders manipulated the gold and silver markets for years with the knowledge of their supervisors at JPMorganChase. In its motion to conceal that evidence, also granted by the court on February 26, the Justice Department said disclosure “could lead to destruction of evidence, flight from prosecution, and otherwise interfere with the government’s ability to conduct its investigation”:

http://www.gata.org/files/JPMorganChaseClassActionStaySeal.pdf

Monetary metals investors may be skeptical of the Justice Department’s stalling the Deutsche Bank and JPMorganChase cases, since the department and the U.S. Commodity Futures Trading Commission do not seem ever to have responded conscientiously to complaints of gold and silver market rigging until the class actions commenced.

How much time will the court give the Justice Department to delay getting to the bottom of the issue? The court might hasten matters if enough monetary metals mining companies protested the harm done to them and their shareholders by market rigging, but of course most monetary metals mining companies don’t mind at all.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Your early TUESDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED / LAST AT 6.7747

//OFFSHORE YUAN:  6.7789   /shanghai bourse CLOSED DOWN 42.63 POINTS OR 1.29%

HANG SANG CLOSED DOWN 233.84 POINTS OR 0.95%

 

2. Nikkei closed DOWN 40.93 POINTS OR 0.18%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 93.55/Euro FALLS TO 1.1754

3b Japan 10 year bond yield: FALLS TO. +.015/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.50/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 39.60 and Brent: 41.84

3f Gold DOWN/JAPANESE Yen UP CHINESE YUAN:   ON -SHORE UP/OFF- SHORE: UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.50%/Italian 10 yr bond yield DOWN to 0.89% /SPAIN 10 YR BOND YIELD DOWN TO 0.25%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.44: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.05

3k Gold at $1904.00 silver at: 24.02   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 28/100 in roubles/dollar) 75.87

3m oil into the 39 dollar handle for WTI and 41 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 104.50 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9149 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.054 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.50%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 0.676% early this morning. Thirty year rate at 1.422%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6.  TURKISH LIRA:  UP  TO 7.644..

Futures Rebound As Tech Gains; Powell, Mnuchin To Speak In Congress

US equity futures bounced on Tuesday alongside European shares, with beaten-down shares of technology-related companies leading early gains, while Dow futures were subdued on uncertainty over more U.S. fiscal stimulus; Treasurys were flat and the dollar dropped before Fed Chair Powell and Treasury Secretary Steven Mnuchin speak later in the day at a Congressional panel.

Early premarket gainers on Tuesday included Microsoft, Apple, Amazon.com, Alphabet and Facebook all of which have dominated Wall Street’s rally since a coronavirus-driven crash in March. Amazon was upgraded to Outperform by Bernstein with a $3,670 price target, after analyst Mark Shmulik wrote that the pandemic “has pulled forward secular trends, from e-commerce to digital advertising and Cloud, with Amazon as a primary beneficiary across all three revenue pools” adding that e-commerce “has permanently inflected,” and that investments made by the company had positioned it well for the long term. AMZN shares are up 1.7% premarket.

Tesla fell 3.4% after Elon Musk warned about the difficulties of speeding up production as an expert cautioned the carmaker’s increased reliance on large-scale aluminum parts could bring new manufacturing challenges. Oracle shed 1.2% on report that Beijing was unlikely to approve a proposed deal by the software maker and Walmart for ByteDance’s TikTok. Carnival Corp lost 1% after the cruise operator announced sale of its two Princess Cruises ships – Sun Princess and Sea Princess – to undisclosed buyers.

“The market may be taking a breather but I would be surprised if that was it,” said Rabobank’s Head of Macro Strategy Elwin de Groot, referring to Monday’s rout that came as countries had been forced to reintroduce some of the COVID-19 restrictions they removed over the summer. “The market won’t like it. The base case was that the second wave wouldn’t be as bad as the first… but the fourth quarter will be now another quarter with stringent restrictions and there are going to be an increasing number of economic victims,” he said.

All three main Wall Street indexes started the week on the back foot amid a stalemate in Congress over the size and shape of another coronavirus-response bill, rising Covid-19 cases in a number of nations and predictions of market volatility around the presidential election dented hopes of a swift economic recovery.

“Some money is being taken off the table pre-election, and as we approach elections in the next six weeks I think there will be more of this happening,” Saed Abukarsh, senior executive officer at Ark Capital Management Dubai Ltd., told Bloomberg Television. “We’re now consolidating into a lower range in the S&P.”

U.S. stocks have tumbled over the past three weeks as investors dumped heavyweight technology-related shares following a stunning rally that lifted the S&P 500 and the Nasdaq to new highs. On Monday, the S&P 500 closed down 9% from its Sept 2 record high, just above correction territory. JPMorgan and Bank of New York Mellon fell 3.1% and 4.0% respectively on Monday too. Meanwhile, a furious bearish reversal in Nasdaq sentiment as measured by Nasdaq 100 mini futures, leaves the door open for another dramatic short squeeze.

Indeed, the squeeze may have started late on Monday when the growth-linked technology sector was the only one to post gains in the previous session following a dramatic surge in the last hour of trading led by Apple (buybacks), while value-oriented sectors such as industrials, energy and financials tumbled about 3%.

European markets clawed back some ground on Tuesday, a day after rising second waves of the coronavirus epidemic caused the region’s biggest wipeout since June and drover investors back to government bonds. Europe’s STOXX 600 index made back 0.6% of the 3.2% it lost on Monday, its biggest drop in three months, helped by respective 1.5% and 0.6% gains for the tech and healthcare sectors. Travel and leisure stocks saw 0.3% falls to add to Monday’s 5.2% plunge, however, and as investors stayed close to safety, yields on Germany’s government bonds held near six-week lows and the dollar rose.

In the UK, the FTSE 250 index fell 0.3%, contrasting with the bounce back for other European indexes, with the domestically-focused U.K. benchmark pulled down by insurers and travel stocks amid increasing Covid-19 restrictions. The decline is in contract to Stoxx 600 +0.5% and FTSE 100 +0.3%. Insurers were among the biggest fallers in FTSE 250, hit by both a poorly-received update from Lloyd’s insurer Beazley and by a regulatory crackdown on motor and home policy pricing.

UK Prime Minister Boris Johnson spoke in Parliament where he encouraged Britons on Tuesday to go back to working from home, along with announcing a 10pm curb on pubs, bars and restaurants. This came as France saw its seven-day daily rolling case count rise above 10,000 for the first time over the weekend, Italy introduced more mandatory testing and Germany describe the situation as “worrying”.

Earlier in the session Asian stocks also dropped, with South Korea and China bourses pulling Asia down for a second day after the tech-heavy Nasdaq fell out of its recent stellar range. Australia’s S&P/ASX 200 had dropped 0.7%, pressured by miners and energy stocks and the Aussie dollar fell to a one-month low while Hong Kong’s Hang Seng index had closed down nearly 1%. Japanese markets were closed for a public holiday but early trading indicated a subdued day in store for Wall Street, with S&P 500 futures down 0.18% and Nasdaq 100 futures flat%.

Beyond the impact of the virus, Hong Kong shares of HSBC and Standard Chartered weakened a further 2%, after leaked reports showed they were among global lenders that have transferred more than $2 trillion in suspect funds over nearly two decades.

“Markets globally have run hard on the weight of huge liquidity, so it’s not surprising to see a pullback in some valuations,” said James Rosenberg, an EL&C Baillieu advisor in Sydney. “Add in uncertainty with U.S. elections and another COVID wave in Europe … it unsettles investors.”

Fed Chair Jerome Powell said the U.S. economy is improving but has a long way to go before fully recovering. Powell will face lawmakers Tuesday along with Treasury Secretary Steven Mnuchin to discuss the need for more stimulus

In FX, the dollar pared an early advance against G-10 peers, and Treasuries were little changed. The greenback was modestly lower against most G-10 peers while the Bloomberg Dollar Spot Index consolidated near the higher end of the range it’s been trading in over the past month. The pound pulled back from a two-month low after the delayed prospect of negative interest rates replaced concerns about new U.K. restrictions to contain the coronavirus. The Norwegian krone fell a fourth day against both the dollar and the euro, despite improved sentiment and stabilizing oil prices; the currency neared 11 per euro, a level unseen since in more than three months.

Overnight, the Swedish central bank kept the repo rate at 0% and left its rate path unchanged in a decision that was widely expected and there were no real surprises, suggesting that Sweden will have a zero rate at least through the third quarter of 2023. The central bank stayed the course and continues to view its historic asset purchase program as the main tool to support the economy during the current crisis. The bank still left the door open for a rate cut, and highlighted eroding confidence in its 2% inflation target as something that could force it to take the rate below zero again, according to Bloomberg. The Riksbank cut its inflation forecast slightly for the next couple of years but it still believes CPIF inflation will rise to 1.8% in 2023.

In rates, treasuries held steady before Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin speak later in the day at a Congressional panel. Bunds were steady, in line with Treasuries, and European peripheral spreads tightened, in another sign of steadying market sentiment. Italian bonds rallied after the country’s governing coalition saw off right-wing parties in regional elections, sending borrowing rates to the lowest level since February.

In credit, investment-grade credit was resilient in the selloff while high- yield bond spreads widened the most since June, and leveraged loan prices fell the most since then. HYG, the largest high-yield ETF, suffered its largest one-day outflow since February.

In commodities, gold fell against the rising dollar, and traded at $1,908.76 per ounce, while in oil markets, Brent gained 0.4% to $41.65 and U.S. crude rose 0.5% to $39.5 per barrel.

Expected data include existing home sales. AutoZone, Aurora Cannabis and Nike are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.1% to 3,277.75
  • Stoxx Europe 600 up 0.6% to 359.11
  • MXAP down 0.7% to 171.19
  • MXAPJ down 1% to 556.65
  • Nikkei up 0.2% to 23,360.30
  • Topix up 0.5% to 1,646.42
  • Hang Seng Index down 1% to 23,716.85
  • Shanghai Composite down 1.3% to 3,274.30
  • Sensex down 0.6% to 37,817.78
  • Australia S&P/ASX 200 down 0.7% to 5,784.07
  • Kospi down 2.4% to 2,332.59
  • Brent futures up 1.3% to $41.99/bbl
  • Gold spot down 0.3% to $1,906.83
  • U.S. Dollar Index little changed at 93.69
  • German 10Y yield rose 0.9 bps to -0.521%
  • Euro down 0.2% to $1.1744
  • Italian 10Y yield fell 4.3 bps to 0.713%
  • Spanish 10Y yield fell 1.3 bps to 0.24%

Top Overnight News from Bloomberg

  • The U.K. government is telling the public to work from home again if possible, as Prime Minister Boris Johnson prepares to announce new restrictions on bars and restaurants in a bid to halt a surge in coronavirus cases
  • The Bank of England isn’t close to negative interest rates despite the resurgence of the coronavirus reinforcing economic risks, according to Governor Andrew Bailey. While the bank has “looked hard” at rate cuts and negative rates are in the toolbox, planned technical work on the policy is to examine whether it can be implemented rather than a signal it is coming, he said.
  • Sweden’s Riksbank stuck with a forecast of years of zero interest rates, and pledged to continue its historic asset purchase program as it navigates its way through the Covid crisis
  • Hotels, pipelines, convenience stores and automaker bonds are among the assets being bought by some of the world’s biggest asset managers as they look for value in a world thrown into turmoil by the coronavirus pandemic

A quick look at global markets courtesy of NewsSquawk

Asian equity markets were lower across the board with weakness stemming from the uninspiring performance in global peers after risk appetite in Europe was dragged by pandemic-related concerns and with spillover selling on Wall St where the DJIA briefly slumped below the 27,000 level and registered losses of over 500 points, although a late resurgence in tech helped the Nasdaq 100 finish in the green. ASX 200 (-0.7%) was pressured by underperformance in mining names and losses in the largest weighted financials sector as some of the Big 4 banks could reportedly face increased scrutiny in light of the recent FinCEN revelations, but with downside limited by resilience in tech and defensives. Japanese markets remained closed for Autumnal Equinox holiday and KOSPI (-2.4%) suffered amid the broad risk aversion, but with some bright specks seen including Samsung Biologics which was awarded a USD 331mln supply agreement with AstraZeneca. Hang Seng (-1.0%) and Shanghai Comp. (-1.3%) were negative with HSBC and Standard Chartered extending on the losses related to the recent money laundering allegations and with dark clouds looming over the TikTok deal after US President Trump warned the US will not approve the deal if Walmart and Oracle do not control the company and China’s Global Times editor Hu Xijin suggested that Beijing won’t approve the current agreement as it would endanger China’s national security, interests and dignity. Tensions regarding Taiwan also continues to polarize ties between the world 2 largest economies with China’s Foreign Ministry announcing to take countermeasures against high ranking US officials due to their visits to Taiwan, and China’s military released a video which showed a simulated attack on an island which resembled Guam. Nonetheless, the losses in Chinese markets were only moderate amid PBoC liquidity efforts in which it conducted a total net injection of CNY 350bln.

Top Asian News

  • Indonesia Sees Economy Contracting for First Time Since 1998
  • Reliance Is Said to Plan Big Smartphone Push After Google Deal
  • ZTO Express Said to Raise $1.27 Billion in Hong Kong Listing

Overall a firmer picture in Europe (Euro Stoxx 50 +0.8%), but with the gains seen in early hours somewhat stalled, and waning for some bourses, whilst US equity futures also see a mixed performance, with the ES and YM flat, and NQ outperforming. Individual indices in Europe seem to be more influenced by sectoral performance, with Germany’s DAX (+1.0%) outperforming peers as the tech sector outpaces on tailwinds from the yesterday’s State-side tech rally into the close. This sees tech behemoth SAP (+2.0%) as a top performer in the German index, with the Co. also accounting for ~5.8% of the Euro Stoxx 50, whilst ASML (+2.9%) represents almost 6% of the European index. Meanwhile, Spain’s IBEX (-0.2%) resides in negative territory as Travel & Leisure underperforms on continuing woes over the implications of renewed lockdown measures for the sector. CAC 40 (+0.3%) is weighed on by Airbus (-3.5%) and Accor (-2.5%), with the former on the back of CEO comments who could not guarantee that there will not be any compulsory layoffs, whilst the latter is pressured by the aforementioned COVID-19 updates. In terms of individual movers, Austrian listed ASM (+4.3%) outperforms the tech sector amid source reports that its Hong Kong listed ASM Pacific Tech is in discussions with potential investors to help take the group private. Meanwhile, tobacco names Imperial Brands (+2.7%) and British American Tobacco (+3%) are underpinned by positive broker moves by RBC.

Top European News

  • Deutsche Bank CFO Signals Preference for Cross-Border Mergers
  • BOE’s Bailey Plays Down Chance of Negative Rates on Virus Risks
  • Europe Finds Mass Testing Is No Panacea for the Coronavirus
  • Riksbank Affirms QE as Preferred Tool to Fight Covid Crisis

In FX, although broad risk sentiment has stabilised somewhat after Monday’s meltdown, the Dollar remains in firm recovery mode as major and EM currency rivals continue to flounder alongside precious metals. Indeed, following a short-lived and shallow bout of consolidation, the DXY rebounded to 93.893, and perhaps tellingly from a technical or momentum perspective, after the index found a base and underlying bids just ahead of the 93.500 level having spent so long anchored around 93.000.

  • GBP/SEK/AUD – Sterling looked all set and resigned to losing 1.2700+ status vs the Buck and extend declines through 0.9200 against the Euro after BoE Governor Bailey said the MPC has looked very hard at the scope of reducing the Bank rate further, and including lowering the benchmark below zero, but caveated that the BoE needs to know more about the technicalities and application of NIRP, as other countries that have adopted negative rates have seen mixed ramifications. However, the real kicker for Sterling bears and shorts came with his warning to markets about not reading too much into last Thursday’s statement when it was revealed that structured research about the operational aspects of implementing NIRP would begin with the PRA. Cable has now turned full circle and more having ‘breached’ a series of MA levels on the way down to around 1.2715 and tripped a few stops at 1.2825 before fading just ahead of 1.2840, while Eur/Gbp has retested yesterday’s sub-0.9150 low compared to a circa 0.9220 peak. Conversely, the Swedish Crown is sitting tight within a 10.4290-10.3845 range vs the single currency after another rock steady message from the Riksbank that the repo rate is projected to be held at the current 0% mark for the forecast horizon (out to the 3rd quarter of 2023), albeit with the option to cut if required. Elsewhere, the Aussie has been undermined and briefly under 0.7200/at 1.0800 against its US and NZ peers in wake of remarks from RBA Deputy Governor Debelle effectively covering all potential policy stimulus measures if needed, including longer-dated QE, easing the cash rate from 0.25% towards zero or through parity and direct FX intervention to weaken the Aud, though the latter may not be an effective instrument as it is aligned with fundamentals.
  • EUR/CHF – Both succumbing to the ongoing Greenback revival, with the Euro now propping up the major ranks following a deeper retreat through 1.1800 and Monday’s trough to circa 1.1720. Note, decent option expiry interest is also capping Eur/Usd as 1 bn rolls off between 1.1770-80 and another 1.4 bn sits from 1.1815-20. Similarly, the has pulled back further from recent highs within a 0.9142-73 band as the clock ticks down to Thursday’s SNB confab.
  • JPY/CAD/NZD – The Yen continues to ‘outperform’ or at least hold up better than other G10s without the normal depth of volume due to Japanese markets observing another holiday today. Nevertheless, Usd/Jpy has settled into a higher range either side of 104.60 after the severe test of 104.00 yesterday was defended staunchly. Meanwhile, the Loonie appears to have found underlying buying interest into 1.3350 vs its US counterpart alongside steadier crude prices and the Kiwi is straddling 0.6650 in advance of the RBNZ on Wednesday.
  • NOK/EM – In keeping with other oil fired or dependent currencies, the Nok has derived some traction alongside the commodity, but not before sliding towards 11.0000 vs the Eur, while the Try has fallen irrespective of a marked improvement in Turkish consumer confidence.

In commodities, WTI and Brent front month futures have nursed overnight losses and currently eke mild gains in price action that coincides with upside in the stock markets, despite the DXY holding onto yesterday’s gains. News flow for the complex has remained light in early European hours, although overnight newsflow from Libya’s NOC noted that total output is expected to reach 260k BPD next week from Thursday’s touted output of 220k BPD. In terms of ramifications for OPEC, sources yesterday noted that OPEC needs time to observe whether the output in Libya is sustained before assigning a quota to the exempt country under the OPEC+ deal. Furthermore, OPEC delegates via FT voice concern about the local lockdowns in Europe and rising cases in India, whilst also warning that crude and petroleum product stockpiles are not depleting as fast as initially thought. One delegate said, “we might have to [act] soon”. Elsewhere over in the Gulf of Mexico, Beta remains a Tropical Storm – with no current hints of it evolving into a hurricane, but the NHC notes that there is the danger of life-threatening storm surge near time of high tides today along portions of the Texas and Louisiana coasts. WTI Nov resides around USD 40/bbl (vs. low USD 39.36/bbl), while its Brent counterpart meanders just under 42/bbl (vs. low 41.26/bbl). Elsewhere, spot gold and silver see modest losses as precious metals succumb to the Dollar, with the yellow metal oscillating on either side of USD 1900/oz whilst spot silver lost its USD 25/oz status and trades closer to USD 24/oz. In terms of base metals, LME copper recouped some of yesterday’s losses as the red metal tracks the gains in stocks, with some also attributing gains to firm demands from China. Finally, Dalian iron ore futures added to yesterday’s losses amid a continuation of the theme of lower than expected demand for the steel-making material.

US Event Calendar

  • 10am: Existing Home Sales, est. 6m, prior 5.86m
  • 10am: Existing Home Sales MoM, est. 2.39%, prior 24.7%
  • 10am: Richmond Fed Manufact. Index, est. 12, prior 18

DB’s Jim Reid concludes the overnight wrap

Regular readers may be mildly amused to learn that I tweaked my upper back yesterday. To understand how we have to go back to when new US Golf Open Champion Bryson DeChambeau came back from lockdown around 20lbs heavier (45lbs in a year) and hitting the golf ball an absurd amount further. At that point in June I decided I needed to strengthen my body to get to the next level with the beautiful but utterly soul destroying game of golf. I’d been having regular lower back and hip problems. So I’ve been doing core training for three months and now have the first signs of 1-pack developing and have massively improved my glutes and hamstrings. Now that was I more stable I decided it was time to move onto the upper body after consultation with a physio. However within one set of a “Prone Mid-Trapezius Dumbbell Raise” I felt something tweak between my shoulders and I think I’ll need to rest for a few days now. So my bulking up and ripping it further with the driver strategy will have a wait a few more days. Sigh.

US banks were down -3.35% and also among the worst performers there. The S&P 500 finished -1.16% while the NASDAQ was down just -0.13%. A substantial late rally in the US hid the extent of the midday losses which were more similar to the European bourses. The S&P was down as much as -2.72% – with the NASDAQ down -2.54% – in the first hour of trading and remained under pressure for most of the session until tech led the way into the close. The technology hardware industry (+1.90%), specifically Apple (+3.03%) led the rebound along with other Megacap tech stocks such as Microsoft (+2.71%) and Nvidia (+2.69%). Even within tech breadth is becoming an issue with 83% of stocks in the NASDAQ lower yesterday even as the index only fell -0.13%. Maybe there was a hint of a WFH trade reigniting as restrictions build again.

Staying with the US, tomorrow our US economics team will be hosting a call with Biden campaign adviser Jared Bernstein, on economic policy and the election. To participate in this conference call, please click here for the note with the registration details. Mr Biden is currently leading Mr Trump +6.5pts in the RealClearPolitics polling average, which is roughly where the race has been since early August. However, the new open Supreme Court seat may add a wrinkle to the election now just six weeks away. Senators in vulnerable seats will be particularly interesting, because the Senate composition will be important for whichever candidate wins the Presidency.

Overnight, Bloomberg has reported that President Trump is moving towards nominating Amy Coney Barrettto to replace the late Justice RBG on the Supreme Court. She is a favourite of anti-abortion rights advocates and is preferred by Senate Majority Leader Mitch McConnell, the report added. Barrett may help the president secure votes for his re-election in vital Rust Belt and Great Lakes states where he currently trails Democratic candidate Joe Biden. Further, Trump’s second choice is believed to be Appeals Court Judge Barbara Lagoa, a Cuban-American from Florida, which might help Trump in that must-win state.

In terms of the coronavirus itself, yesterday saw further concerning developments, particularly in Western Europe once again. Here in the UK this morning, Prime Minister Johnson will be chairing a Cobra emergency committee meeting, following which he’ll be speaking in the House of Commons on the matter of Covid and will then make a broadcast to the nation at 8 pm. It’s widely expected that further restrictions are going to be announced, including hospitality venues, like bars and restaurants, ordered to close at 10pm from Thursday and will be limited to table service only. In terms of other restrictions, The Times has reported overnight that attendance at weddings may be cut to 15 guests from 30 while the Telegraph has reported that office goers will be asked to work from home where possible, this reversing a move to get people back to the office. During a press briefing yesterday, the country’s Chief Scientific Adviser and Chief Medical Officer said that if cases kept doubling every 7 days, then the UK could be seeing around 50,000 cases a day by mid-October. Later the UK alert level was raised from a 3 to a 4. In fact, yesterday saw another 4,368 confirmed cases here, making it the 3rd time in the last 4 days that over 4,000 cases had been reported. Data released yesterday also highlighted that 1,261 people in England were hospitalised with Covid-19 (vs. 782 a week ago), with 154 of them on ventilators (vs. 88 a week ago). Areminder that we have the latest cases and fatality tables in the pdf of this note which you can see under “View Report”. We have revamped them today so take a look. Hopefully it’ll provide a better way of showing the latest trends.

Elsewhere on the coronavirus, Italy announced plans to test travelers from certain regions of France after having implemented mandatory tests on travelers arriving from Spain, Croatia, Malta and Greece. This came as France saw its 7 day rolling case count rise above 10,000 for the first time over the weekend. In Germany, Health Minister Spahn noted the country’s health system can cope with the current level of infections, though the rise there and in neighboring countries are “worrying” especially given its central location and the level of mobility currently seen. While in the US, the weekly average has risen to 41,100 but without clear hot spots. Former FDA Commissioner Scott Gottlieb said yesterday that he is expecting the US to go through “at least one more cycle” of infections in the coming cold-weather months.

Asian markets have followed Wall Street’s lead this morning with the Hang Seng (-0.26%), Shanghai Comp (-0.12%), Kospi (-1.98%) and Asx (-0.70%) all trading lower. However, outside of the Kospi, the declines are relatively muted in nature while futures on the S&P 500 are also down a relatively modest -0.12%. Japan is closed for a holiday.

In other overnight news, we have seen text of the Fed Chair Powell’s testimony that he is scheduled to deliver before the House Financial Services Committee today. There was nothing particularly new in the released remarks as he is likely to reiterate that more is required from both fiscal and monetary policy to prevent the pandemic from causing long-term damage to the economy. He will also say that, “The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government.”

Looking back to yesterday, the selloff in risk assets saw investors pour into sovereign bonds, which rallied on both sides of the Atlantic. Yields on 10yr Treasuries fell -2.8bps to 0.666%, though most of that seemed to be driven by a decline in inflation expectations, with 10yr breakevens falling -4.3bps to 1.631%, their lowest level in the last month. Europe saw a similar advance, with yields on 10yr bunds down -4.5bps, while Italian BTPs – having initially sold off in the risk-off – rallied sharply after the news came through that the centre-left Democrats were ahead in elections in the key region of Tuscany, reducing concerns about a possible government breakup. By the end of the session, Italian 10yr yields had traded in a 9bp range before finishing -4.4bps lower. Meanwhile in FX, the US dollar surged +0.79% in its best day since March yesterday as part of a similar move into havens, while the traditionally safe Japanese Yen was the 2ndstrongest performer among the G10 currencies.

Over in commodity markets, oil prices suffered as part of the rotation out of risk assets, with both Brent crude (-3.96%) and WTI (-4.38%) losing significant ground, while the industrial bellwether of copper also moved -2.70% lower in its worst day for over a month. Precious metals were something of an exception though to the broader strength in safe havens, and by the close, gold had fallen -1.97% and traded below the $1900/oz mark for the first time since in six weeks before finishing at $1913/oz. While both silver (-7.72%) and platinum (-4.82%) suffered significant losses too.

To the day ahead now, and the highlight will likely be Fed Chair Powell and Treasury Secretary Mnuchin’s appearance before the House Financial Services Committee. Otherwise, we’ll also hear from Bank of England Governor Bailey, the ECB’s Lane, Villeroy and Panetta, along with the Fed’s Evans and Barkin, and the Riksbank will be announcing their latest decision on interest rates. Data releases include US existing home sales for August, the Richmond Fed’s manufacturing index for September, and the Euro Area’s advance consumer confidence reading for September

 

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 42.93 POINTS OR 1.29%  //Hang Sang CLOSED DOWN 1233.84 POINTS OR 0.95%   /The Nikkei closed UP 40.93 POINTS OR 0.18%//Australia’s all ordinaires CLOSED DOWN .67%

/Chinese yuan (ONSHORE) closed UP  at 6.7747 /Oil UP TO 39.60 dollars per barrel for WTI and 41.94 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7747 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7789 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/THE GLOBE

The House GOP reveals the extent of the COVID 19 coverup and goes in great detail as to what happened.  The report slams WHO Tedros who cared more about appeasing the Chinese Communist party than  global health/  The report does not go into the origins of the COVID 19

(zerohedge)

House GOP Report Reveals Extent Of China COVID-19 Coverup; Slams WHO Director Tedros Over “Gross Mishandling”

Republicans on the House Foreign Affairs Committee released their final report on how the CCP handled the early days of the COVID-19 outbreak in Wuhan, China – uncovering “even more disturbing evidence about the Chinese Communist Party’s (CCP) coverup and WHO Director General Tedros’s gross mishandling of the virus that allowed it to turn into a deadly pandemic.”

Rep. Michael McCaul (R-TX) who led the investigation wrote in the report, released on Monday:

It is crystal clear that had the CCP been transparent, and had the head of the WHO cared more about global health than appeasing the CCP, lives could have been spared and widespread economic devastation could have been mitigated. Revealing the truth is just the first step; we must hold both the CCP and WHO Director General Tedros accountable for the suffering they have allowed the world to endure.

According to Breitbart News‘ Kristina Wong, the report follows an interim report issued in June – and “contains more details and new information about how the CCP punished a nurse from speaking out about the virus early on, forced American companies in China to produce personal protective equipment (PPE) for its citizens only, instructed Chinese companies around the world to begin buying up critical supplies, and threatened other countries economically if they spoke out against China.”

During the early stages of the pandemic, the CCP began hoarding PPE, including masks, gowns and gloves – buying them on the international market and shipping them to China, while Chinese officials also nationalized the supply chains and manufacturing capacity of US companies operating in China, forcing companies such as General Motors and 3M to produce medical supplies for domestic use while denying export licenses.

McCaul’s committee obtained a discipline notice for nurse Li Min of the eastern city of Taizhou, who discussed the virus with classmates and family via WeChat.

The discipline notice was issued as World Health Organization (W.H.O.) Director-General Tedros Adhanom Ghebreyesus was to arrive in Beijing to discuss COVID-19 with Chinese President and CCP General Secretary Xi Jinping. On January 29, 2020, Tedros praised the CCP’s response to the virus, calling it “very impressive, and beyond words” and that the CCP was “actually setting a new standard for outbreak response.” –Breitbart News

Meanwhile, China threatened to cut off critical supplies, and used their leverage as a manufacturer to threaten countries calling for an international investigation into the CCP’s actions regarding the outbreak.

Notably, the report mentions an April threat China issued to Australia if they didn’t halt all investigations related to the CCP’s handling of the virus. According to the report, the Chinese Ambassador to Australia, Cheng Jingye, threatened a boycott of Australian goods while speaking with Financial Review.

“It is up to the people to decide. Maybe the ordinary people will say ‘Why should we drink Australian wine? Eat Australian beef?” he said, adding “The proposition is a kind of teaming up with those forces in Washington and to launch a kind of political campaign against China.”

 CHINA //USA
Kyle Bass gives his reasons why Trump should shut down Tik Tok in the USA and not allow the business to be bought in the uSA unless the algo goes with it
(zerohedge)

Kyle Bass Warns Beijing Could Manipulate TikTok To ‘Brainwash’ Millennials If Trump Doesn’t Shut It Down

Kyle Bass prefers the term “China realist” to “China hawk”, but the inveterate China critic, who last year bet against the Hong Kong dollar’s peg to the greenback, appeared on CNBC Tuesday morning to share his thoughts on TikTok, HSBC and the prospect of ‘decoupling’ between the US and China.

As Bass has explained on several occasions, the US is maneuvering against China on four fronts: there’s what Bass calls “kinetic war” – a clash between the world’s two largest militaries – in addition to a cyber war, a narrative war, an economic war.

Pushing back against critics like Barry Diller, who slammed the Trump Administration’s approach to the TikTok deal, Bass blamed “China’s own policies that have put them in this situation in overplaying their hand.”

TikTok is “very close” to the Chinese government, Bass argued. Its data collection policies are “aggressive”, and most importantly “China controls the narrative – that’s what they do best.”

For example, Bass explained, if Goldman Sachs wants to open up a new business line in China, China will demand that all of the data collected on Chinese citizens be stored on a server inside China. It’s an approach that the EU is trying to copy – and President Trump now, too, apparently.

Trump is just trying to enforce the same standard in the US, any way he can, Bass argued.

But it’s not just Beijing collecting the user data that worries Bass – it’s the CCP’s ability to manipulate the minds of young Americans via its content-recommendation algorithm. It’s an issue that WSJ touched upon in a story filed a few months ago that, strangely, didn’t make much of a splash in the US.

While some have argued that it would be impossible for ByteDance to withhold the algorithm, as it claims it would do, Bass argued that Beijing is trying to keep it secret fora reason.

“They control that algorithm and that’s of course the algorithm they don’t want to give up,” Bass said.

Later in the interview, Bass turned his attention to bashing HSBC, which saw its shares hit a 25-year-low following a massive leak of FinCEN SARs that exposed more of the bank’s work with terrorists and drug cartels, allegations that contributed to a $2 billion settlement back in 2012.

To be sure, it looks like the deal is headed for the dustbin, as the Global Times publishes another editorial bashing the Trump Administration’s attempt to “steal” an iconic Chinese company, amid reports that regulators are preparing to strike it down.

end

CHINA/USA

Trump denounces China’s COVID 19 lies in a fiery UN address

(zerohedge)

Trump Denounces China’s COVID-19 ‘Lies’ In Fiery UN Address After Xi Swiped At US “Bully Of The World”

Amid Trump’s latest Huawei sanctions and his controversially taking aim at WeChat and TikTok for “security threats” posed by the Chinese apps, also as Washington becomes isolated in the UN over its push to impose snapback sanctions on Iran, Chinese President Xi Jinping has gone on the offensive in new comments Tuesday, saying America acts as if it’s “the boss of the world”. In his UN address Xi urged we should oppose protectionism and insist on openness and benefit-for-all. President Xi said during his remarks following Trump: “Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air.”

Trump came out swinging more directly at Beijing in his speech which wrapped up, calling on the international body to “hold China accountable for their actions” over the still globally raging coronavirus pandemic.

Trump said China’s COVID-19 deceptions included “allowing flights to leave China and infect the world…”. He added that “China condemned my travel ban on their country even as they canceled domestic flights and locked citizens in their homes.”

“The Chinese government, and the World Health Organization – which is virtually controlled by China – falsely declared that there was no evidence of human-to-human transmission,” Trump said further.

“Later, they falsely said people without symptoms would not spread the disease…” he said, going through a list of China’s egregious behavior and its impact on the world.

Though Xi in his prior pre-speech comments didn’t specifically name the United States or any particular country, it was clear to his listeners at a meeting in China celebrating the United Nation’s 75th anniversary just who the thinly veiled words were directed at. The pre-UN Assembly address gave a glimpse of what Xi will say to the world in his main address following Trump.

As originally reported in Xinhua News Agency he said that no nation should “be allowed to do whatever it likes and be the hegemon, bully or boss of the world.”

 

AP and Getty Images

Emphasizing hope for a revival of multilateralism, he called for “more balanced” international relations and decision-making where countries must not be “lorded over by those who wave a strong fist at others.”

“There must be no practice of exceptionalism or double standards,” Xi said. “Nor should international law be distorted and used as a pretext to undermine other countries’ legitimate rights and interests or world peace and stability.”

Xi echoed these prior statements and gave similar emphasis in his remote speech to the UN General Assembly soon after Trump’s speech Tuesday.

He said “the global virus fight shouldn’t be politicized.”

Also with the Iran unilateral US sanctions issue still front and center, the showdown is expected to be intense, given Pompeo has lately said the US is all too willing to go it completely alone in enforcing sanctions on those will to trade or send weapons to Iran (when the arms embargo expires Oct.18).

The US-China back and forth accusations will perhaps take away from the 75th anniversary commemorative nature of the assembly as well, but given the pandemic has forced the whole thing go online, this may blunt what would have made for greater in-person fireworks.

end

Beijing says no to Trump on the surrender of their algo

(zerohedge)

Beijing Says “No!” To Washington’s Attempted “Robbery” Of TikTok

In what is perhaps the most compelling sign yet that Beijing has put the kibosh on the Oracle-TikTok deal, the Global Times on Tuesday published a scathing editorial attacking President Trump for attempting a “robbery” of TikTok and violate China’s “dignity.”

The paper’s editorial writers echoed claims made in an editorial published more than six weeks ago by the People’s Daily – that Beijing would never tolerate Trump transferring majority ownership of TikTok to the US. Furthermore, as Kyle Bass explained earlier, anything that would require the company to fork over its content-recommendation algorithm is an instant deal breaker. Beijing has previously said it would rather shut down TikTok US than hand the business to the Americans.

Writers explained that by turning over source code from TikTok to Oracle, Americans would also gain insight into the operations of Douyin, TikTok’s counterpart built for the Chinese market (which, remember, runs on an entirely separate, cordoned-off internet).

Throwing Trump’s words back in his face, the writers insisted Beijing didn’t appreciate the president’s characterization that the new TikTok would have “nothing” to do with China.

Because even more than money, China must have the credit. Like Bass explained, the CCP is fighting a narrative war against the US.

And in case the point wasn’t clear, the Global Times editor, Hu Xijin, drives it home with a tweet.

Read the editorial below:

* * *

It was reported Sunday, Beijing time, that US President Donald Trump approved a deal in principle between TikTok’s parent company ByteDance, and Oracle and Walmart. The main content of the deal was later disclosed. From the information provided by the US, the deal was unfair. It caters to the unreasonable demands of Washington. It’s hard for us to believe that Beijing will approve such an agreement.

Although people can have various interpretations, some articles in the agreement show what the problems are.

For instance, American citizens will take up four of the five board seats for TikTok Global and only one can be Chinese. The board of TikTok Global would include a national security director, who will have to be approved by the US.

Oracle will have the authority to check the source code of TikTok USA and updates. As the TikTok and Douyin should have the same source code, this means the US can get to know the operations of Douyin, the Chinese version of TikTok.

TikTok Global will control the business of TikTok around the world except China. It will block IP from the Chinese mainland to access it. This means the Americans can take control of the global business of TikTok and reject Chinese to access it.

It is clear that these articles extensively show Washington’s bullying style and hooligan logic. They hurt China’s national security, interests and dignity. ByteDance is an ordinary company in China. The US suppresses it with all its national strength and forces it to sign a deal under coercion. China, also a major country, will not yield to US intimidation and will not accept an unequal treaty that targets Chinese companies.

When Trump said he had approved the new TikTok deal, he noted the new company would have “nothing to do” with China and would be fully controlled by the US. On Monday, he said Oracle and Walmart would have total control of the service; otherwise, “we’re not going to approve the deal.”

It seems this is not his campaign language, but the Trump administration’s real attitude toward restructuring TikTok. Washington is way too confident and has underestimated China’s determination to defend its basic rights and dignity.

The US is a big market. If the reorganization of TikTok under US manipulation becomes a model, it means once any successful Chinese company expands its business to the US and becomes competitive, it will be targeted by the US and turned into a US-controlled company via trickery and coercion, which eventually serves only US interests.

If China surrenders, which country in the world can resist? The US encirclement of TikTok and the global huntdown of Huawei are stifling the hopes of high-tech companies around the world for having world-class technologies and independent development. Once Washington succeeds, the US will enjoy global technological hegemony forever.

China will not accept this kind of bullying arrangement of the US. The US is taking discriminatory action to squeeze TikTok. In an era when countries have concerns about network data security, US internet giants set up branches around the world. But does any one of them hand over its control to companies of the host country? Which company’s board members must be approved by the government of the host country?

Washington’s huntdown on TikTok is creating problems for US internet companies worldwide. With cyber security increasingly becoming a common issue, there must be countries that will imitate the US to take action against American companies. The precedent set by the US will eventually hurt its own companies.

Issues concerning global internet data security should be addressed in a fair, reasonable and effective manner. China has put forward an eight-point proposal for this. The US seeks its own interests in a hegemonic way, and attempts to maintain its technological hegemony under the guise of cyber security. This cannot be accepted by international society, including China. It’s hoped the US returns to globalization from “America First,” and retake the universal commercial values that will not only benefit itself but also others.

4/EUROPEAN AFFAIRS

EU

Another lockdown could very well leave Europe into an economic depression

a must read.

(Daniel Lacalle)

 

 

New Lockdowns Could Lead Europe To Economic Depression

Authored by Daniel Lacalle,

The rise in Covid-19 cases in countries like France and Spain has increased the risk of new lockdowns.

Governments should understand by now that shutting down the economy is highly inefficient and devastating for jobs and business solvency. However, as we have seen in Spain, many governments simply decide to start new lockdowns in order to show that they are taking aggressive measures, even knowing that these generate more negative effects and have no real impact on preserving health. Instead of looking at the examples of South Korea, Taiwan, Sweden or Austria, where simple but effective measures have resulted in better management of the health crisis, some European governments are ignoring the economic and social long-term disaster that closing down the economy has created and seem prepared to repeat the past mistakes.

The mistake of ignoring the economic impact of lockdowns creates a social crisis that may last many years.

If the European economy was ill-prepared for a series of lockdowns in February, it is even weaker now. What created a recession of unexpected proportions may generate a depression that will likely last for a few years.

European economies cannot survive a new series of lockdowns, even if governments call them “targeted”. Why?

  • Solvency has worsened. The financial system would see non-performing loans soar in an economic area where Standard and Poor’s estimates that more than 20% of businesses are in serious financial trouble or close to bankruptcy. A new series of lockdowns would likely start a new financial crisis.
  • Unemployment has been disguised. European unemployment looks optically low due to the large proportion of furloughed jobs. The euro area 7.8% official unemployment rate could double when those furloughed jobs end and the businesses that kept those workers find in need to close permanently.
  • Governments’ financial situation has weakened to extreme levels. Deficit spending has driven government debt to new record-highs. Debt could increase well above 120% of GDP in the eurozone if the economy is closed again, even in so-called targeted shutdowns.

Investors have been buying high-risk bonds from almost insolvent governments and highly indebted corporations at all-time low yields, taking a significant risk on expectations of a rapid recovery of the economy. The nominal and real losses in pension funds and investment plans can be massive.

This time the ECB (European Central Banks) will not be able to contain the financial risk. More quantitative easing and further rate cuts will likely fail to stop bond yields from soaring when the solvency and liquidity problems meet the reality of an unsustainable spending spree.

Market participants are not considering the redenomination risk on the euro when anyone can see that many populist parties’ proposed measures in the European Commission to break up the euro.

New lockdowns could be the black swan that many market participants fear and ignore as an inexistent option. The optimistic estimates of eurozone recovery, earnings growth and consumption recovery are all based on an improvement of economic data that seem almost impossible to achieve in the current scenario, let alone under new confinements.

END

UK

BoJO  unveils his new national COVID 19 restrictions as their cases surge.  And this scared the markets:  it could last up to 6 months

England will go into a depression

(zerohedge)

BoJo Unveils New National COVID-19 Restrictions As Cases Surge, Warns They Could Last For Up To 6 Months

Update (0805ET): With Spain also bringing in the army to reinforce new quarantine restrictions, it appears the new measures unveiled by BoJo – which he warned could last for up to 6 months – may have spooked futures.

  • STOXX 600 TRIMS GAINS AFTER JOHNSON’S COMMENTS ON RESTRICTIONS

* * *

With Spain and France now grappling with COVID-19 outbreaks that are on par with the case numbers they battled in the spring (though deaths remain significantly lower this time around as doctors have better learned to treat the disease), and Germany imposing more restrictions as it deals with its latest flareup, British Prime Minister Boris Johnson has delivered new national COVID-19 restrictions in a statement to the House of Commons.

With roughly 30 million Britons already facing some level of local restrictions above and beyond the national requirements, including ‘local lockdowns’, Johnson has announced new restrictions on pubs and the hospitality industry, while asking millions of Britons to return to working from home, if they can.

The announcement marks a reversal from Johnson’s urging that commuters start to return to city centers as parts of London, and other British cities, start to look like ghost towns, prompting businesses that serve commuters to fail.

New restrictions include the following (per BBG):

  • Work from home if possible
  • Pubs and restaurants to close by 10pm
  • Curbs on large sports events from Oct. 1
  • Max 15 guests at weddings
  • Fines for breaking rules

But perhaps the biggest changes were on the punitive end. Now, Britons can be fined of up to £10,000 for violations of social distancing restirctions, while fines for first offenses have been doubled.

Johnson promised “significantly greater” restrictions if the UK’s “R” rate fails to drop below 1 in the coming weeks. Britons should assume that the restrictions Johnson just announced could be in place for up to 6 months, and that “we will not listen to those who say let the virus rip, nor those who urge a permanent lockdown.” The government, Johnson said, is doing its best to balance saving people’s lives, with preserving livelihoods and the economy.

He insisted that “we want to avoid taking further steps”, and urged all Britons to abide by the guidelines and protect the national interest.

Some of the measures were previewed earlier by Cabinet Office minister Michael Gove during an interview with Radio 4’s “Today” program.

Johnson’s announcement comes as the number of deaths linked to COVID-19 in England and Wales rose for the first time since April: with deaths climbing 27% to 99 in the seven days through Sept. 11 from a week earlier, the Office for National Statistics said on Tuesday.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

LEBANON/ISRAEL/HEZBOLLAH

AGAIN, another explosion in Southern Lebanon centered on a Hezbollah arms depot..4 killed

(zerohedge)

Huge Explosion Hits South Lebanon Centered On Hezbollah Arms Depot

A powerful blast in south Lebanon caused temporary panic after it was heard and felt for miles away on Tuesday.

Images and video of the explosion spread across social media Tuesday, with initial conflicting reports saying it was either the result of an Israeli attack, or a gas station that went up in flames.

Hours after, Al Jazeera and other regional media confirmed the site was an arms depot belonging to Hezbollah. The Shia paramilitary group which routinely exchanges fire along the border with Israel claimed a “technical error” was behind detonating the facility, which reportedly contained mines.

“Lebanon’s official news agency, NNA, said the explosion took place in the southern village Ein Qana, about 50km (30 miles) south of the capital Beirut,” Al Jazeera reports.

Lebanon is still on edge after seven weeks ago a massive amount of stored ammonium nitrate detonated at the Beirut Port, killing hundreds and wounding many thousands. Al Jazeera details further of the latest incident:

Hezbollah’s media office told Al Jazeera the explosion was caused by a “technical error” at their arms depot, which sent a huge column of black smoke into the sky

“This explosion was at a house that stored weapons – result of technical error. No one was killed or injured. The building belonged to a Hezbollah affiliated de-mining association,” Al Jazeera’s Zeina Khodr, reporting from Beirut, said.

However, there are currently conflicting casualty reports, with some local media saying there have been injuries and possibly deaths.

Hezbollah has been accused of blocking journalists and even state security officials’ access to the site in the aftermath.

There are also accusations and rising anger that it appears Hezbollah was storing weapons in the center of a busy residential area.

The blast aftermath looks to have caused significant and widespread damage in the village:

The entire country also is used to closely watching events in southern Lebanon, a Hezbollah stronghold, especially along the tense border given a history of conflict with Israel.

The population is still outraged and is seeking answers from authorities over their severe mismanagement of dangerous materials which had been stored at the port for years. A series of smaller blasts and fires have further fueled outrage in the streets.

END

6.Global Issues

 

CORONAVIRUS UPDATE USA/GLOBE

US Suffers Most New COVID-19 Cases In 5 Weeks As Doctors Warn Of “Apocalyptic” Fall: Live Updates

Summary:

  • BoJo unveils new national social distancing restrictions
  • India sees cases slow to just 75k
  • US deaths just below 200k
  • US reports 52k+ new cases, most in 5 weeks
  • Colleges become ‘breeding grounds’ for outbreaks
  • Munich mandates outdoor facemasks
  • Britons await Johnson’s announcement on new measures
  • Australia’s Victoria State sees cases below 30 for 4th day
  • Hong Kong Disney set to reopen again on Friday

* * *

Update (0800ET): With UK COVID-19 deaths climbing for the first time since April, PM Boris Johnson has unveiled a list of new national social distancing restrictions. In other news concerning the former British Empire, India on Monday reported just over 75k cases, its lowest tally since Sept. 7.

* * *

The US remains on the cusp of passing the critical 200,000-death threshold as deaths slowed on Monday, while the number of new cases reported accelerated to its highest daily toll since Aug. 14. Another 52,070 cases were announced on Monday, while only 356 deaths were reported.

The virus has continued to accelerate since the end of the summer, as new hotspots have emerged in the midwest, and in parts of the south. Meanwhile, NY and NJ have both seen cases tick higher, even as both states have dragged their feet on reopening. The US has confirmed a total of 6,857,703 cases, while globally, Johns Hopkins has counted.

As more doctors and scientists warn about an “apocalyptic” fall in the US, Bloomberg is reporting that college campuses have become veritable reservoirs of COVID-19 infection, and that the growing case totals might spill over into the rest of the US as kids head home for the holidays.

“We may be in for a very apocalyptic fall, I’m sorry to say,” Dr. Peter Hotez, dean of the National School of Tropical Medicine at Baylor College of Medicine, told CNN.

And here’s more from Bloomberg:

Amid an outbreak, the University of Colorado will teach all classes remotely for at least two weeks beginning Wednesday to “help protect the health and safety of our Boulder community,” Chancellor Phil DiStefano said Monday. The New Jersey Institute of Technology last week quarantined 300 people after the virus was found in their dorm’s wastewater, the University of Wisconsin at River Falls ordered all students to shelter in place after a surge in cases, and Florida State University’s football coach announced he had tested positive.

With many schools planning to end their semesters at the November holiday, students will disperse across the country, and some will bring the disease with them.

“This is beyond our wildest nightmares,” said Gavin Yamey, a physician who directs Duke University’s Center for Policy Impact in Global Health.

“It has been a debacle, a national catastrophe and, in many ways, you could consider it a third wave. The third wave is a university reopening wave. It was a self-inflicted national wound.”

Universities were bleeding revenue when they called students back for the fall semester, facing cuts as tuition and fees plunged. Some plowed ahead with lucrative football programs, despite their potential to draw crowds. But as students returned, infection rates increased. Many schools are now running out of space to house those who tested positive. Administrators are struggling to keep infections contained as students venture off campus for coffee or hang out at bars and parties. “If infected students go home, there is a risk that they could seed outbreaks all around the country — outbreaks that are ultimately caused by the university reopening,” said Yamey.

In Europe, the German city of Munich mandated masks must be worn in popular outdoor areas in response to rising coronavirus cases after the capital of Bavaria crossed the national threshold of 50 cases per 100,000 residents for 7 straight days. After crossing this threshold, local governments are supposed to tighten regulations or impose localized restrictions.

British opposition leader Keir Starmer accused PM Boris Johnson of losing control of the government’s coronavirus testing response, and alleged that a second nationwide lockdown would be the result of “government failure”. The criticism comes as Cabinet Office minister Michael Gove instructed workers to stay at home if they can, while requiring pubs and restaurants to close at 10pm again. Britons are still waiting for Boris Johnson to deliver a major announcement on Tuesday.

The move is a reversal of the government’s program to encourage commuters to return to city centers that have been transformed into ghost towns.

“If it is safe to work in your workplace, then you should be there if your job requires it,” Gove said on Radio 4’s “Today”. Though if able to work from home, workers should.

The UK recorded 4,368 new cases of COVID-19 on Monday, according to government data, the third day out of the past four in which daily cases were above 4,000. The rise represents a marked increase from much of June, July and August, when daily cases hovered around 1,000.

Over in Hong Kong, Disney announced that Hong Kong Disneyland will reopen on Friday, albeit at reduced capacity, two months after it was forced to close again less than a month after reopening following the city’s latest flare-up in cases. However, any potential visitors must book their trips in advance.

In Australia, an outbreak in the state of Victoria continued to wane, as officials reported just 28 new coronavirus cases for Monday as the number of new infections remained below 30 for a 4th consecutive day. That tally was above the 11 cases from the prior day, though the 7-day rolling average still moved lower, from 34.4 to 32.8.

END

Michael Every on the major events of yesterday and today

(Michael Every)

“This Kind Of Thing Is Enough To Make One Go To The Pub. Oh, We Can’t: It’s Past 10pm…”

By Michael Every of Rabobank

Stocks went down yesterday, which is generally considered to be a very, very bad thing that needs some serious “Don’t worry, this won’t last” headlines from Bloomberg. Not my bag, however. Let’s go a whole different route: gestalt.

Gestalt psychology is a school that emphasizes organisms perceive entire patterns or configurations, not merely individual components. The view is sometimes summarized using the adage, “the whole is more than the sum of its parts.” Within global markets where the psychology is that sums are made by only looking at the parts, not the whole, I often want to cry “Oy gestalt!

Once again, the unthinkable is happening: pubs are closing early in the UK. The same pubs Brits were being told to salt’n’vinegar-and-cheese-and-onion-and-ready-salted-ly spend their time in until 11pm are now too dangerous to stay in…after 10pm. Apparently, this is when Covid-19 gets really dangerous, like a werewolf: before 10pm, it is a poodle. The much-derided Rule of Six (meaning how many people you can have meeting in a household, not the number of pints it’s okay to have with your crisps) is apparently also soon to be iced – unlike your shots or chaser. The arbitrary rule will then be much lower – like pub profits. (Restaurants are also impacted, but generally aren’t doing a roaring trade at 11pm in the UK anyway.)

Once again, we see clear trends: the virus comes back as soon as normal life tries to; we haven’t seen it in a winter in Europe yet; some scientists are scared – and others aren’t; this is going to cost governments a further fortune, or swathes of the struggling service sector are going to collapse for good; governments are fiddling around at the edges, neither really locking down or really re-opening; and we are still where we were at the start of the year – hoping a vaccine miraculously saves our (smoky) bacon.

Meanwhile, of course, data show that Americans’ worth rose 6.8% in Q2 by USD7.6 trillion. The only issue is how many Americans we are talking about: is it double digits, or just Jeff Bezos? It’s hard to keep track. For the majority of people who own no shares, or so few they pale in comparison to their paler salary, it’s even harder to care.

As former Fed Chair Yellen said a few years ago, when the Fed was first trying to be all cuddly-feely, if only the poor had more assets they wouldn’t be so poor. The Fed does tautology much better than it does sociology.

On which note, current Fed Chair Powell will today give remarks to Congress we have already all seen, and which stress the US recovery will remain long and uncertain. But, hey, a few people just got USD7.6 trillion richer, so who really cares, right? He will also stress that more fiscal help is needed, which it arguably is. However, arguments and not fiscal help are more what Congress seems focused on right now.

A similar attitude lingers over the TikTok deal. China’s Global Times editor has tweeted that has far as he knows, the deal won’t be allowed to go through because, among other reasons, it offends China’s “dignity”. US President Trump is also saying he won’t sign off on the deal if the US doesn’t gain effective control of the firm. As stated yesterday, it’s not that hard to understand what looks like the dynamic here: either the US ‘does a China’ and makes the firm de facto American, and China allows that to happen, or it closes down.

What matters is not the source of a stream of ADHD-inducing videos that have one fearing for what a culture that once gave us opera and the Bhagavad Gita will produce as the next time-compressed endorphin high –“Oh my days! Have you see PishPosh? It lets you make 3 second-long videos and share them!” What scope for the narrative of the human condition– it’s that this looks like it is going to be the new benchmark: global firms having to be much more local/balkanised – or shutting down. Even Facebook is talking about closing in the EU if the latter forces it to keep all of its user data there rather than sending it back to the US. When does Visage-Livre or Gesicht-Buch launch?

Keep this kind of thing up and there might be few hands holding trillions less fresh dollars per quarter: and then where would we be? It’s enough to make one go to the pub. Oh, we can’t: it’s past 10pm.

Elsewhere, Bloomberg reports China’s Xi Jinping just gave a speech in which he stated no country should “be allowed to do whatever it likes and be the hegemon, bully or boss of the world,” called for the “international order to be underpinned by international law,” and decried countries being “lorded over by those who wave a strong fist at others.” There must also be “no practice of exceptionalism or double standards. Nor should international law be distorted and used as a pretext to undermine other countries’ legitimate rights and interests, or world peace and stability.”

Bloomberg adds that Germany’s Angela Merkel heartily agrees with this sentiment –indeed, it’s very hard not to– but then goes on to plaintively add: ”China faces a challenge in trying to fill the void on the global stage,” before detailing why this is the case. Xi speaks again to address the UN General Assembly today… and then so does Trump. Tick-tock, tick-tock?

Which holds true for AUD. Besides the fact that it is worst-placed for a US-China decoupling, the RBA’s Debelle just gave a speech in which he said a lower AUD would be beneficial to support the economy, and that higher public debt levels (which the RBA will support) are not a problem. The RBA’s projections, always too optimistic, are also that it will be three years before rates need to rise again. Ask the BOJ how long it has taken them.

Allow me to conclude that gestalt therapy, as opposed to psychology, is a form of psychotherapy which emphasizes personal responsibility, and focuses upon the individual’s experience in the present moment, the environmental and social contexts of a person’s life, and the self-regulating adjustments people make as a result of their overall situation. We could all do with a course.

If only markets self-regulated. If only they emphasized responsibility or saw the environmental and social contexts of people’s lives, rather than just the experience of the present moment. Until then, it’s all “Oy gestalt!” for me.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings TUESDAY morning 7:00 AM….

Euro/USA 1.1754 DOWN .0008 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN

 

 

USA/JAPAN YEN 104.50 DOWN 0.150 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2827   UP   0.0011  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3303 UP .0001 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro FELL BY 9 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1754 Last night Shanghai COMPOSITE CLOSED DOWN 42.63 POINTS OR 1.29% 

 

//Hang Sang CLOSED UP 233.84 POINTS OR 0.95%

/AUSTRALIA CLOSED DOWN 0,67%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 233.84 POINTS OR 0.95%

 

 

/SHANGHAI CLOSED DOWN 42.63 POINTS OR 1.29%

 

Australia BOURSE CLOSED DOWN. 67% 

 

 

Nikkei (Japan) CLOSED UP 40.93  POINTS OR 0.18%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1905.30

silver:$24.23-

Early TUESDAY morning USA 10 year bond yield: 0.676% !!! UP 0 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.422 UP 0  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 93.55 DOWN 11 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.26% DOWN 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.015%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.23%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.87 DOWN 7 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 64 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.50% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.37% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

Closing currency crosses for TUESDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.1703  DOWN     .0060 or 60 basis points

USA/Japan: 105.03 UP .349 OR YEN DOWN 35  basis points/

Great Britain/USA 1.2724 DOWN .0093 POUND DOWN 93  BASIS POINTS)

Canadian dollar DOWN 9 basis points to 1.3313

 

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The USA/Yuan  ,CNY: AT 6.7799    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE CNH:  6.7829  (YUAN DOWN)..

TURKISH LIRA:  7.67 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at+0.015%

 

Your closing 10 yr US bond yield UP 1 IN basis points from MONDAY at 0.676 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.4314 UP 0 in basis points on the day

Your closing USA dollar index, 94.04 UP 39  CENT(S) ON THE DAY/1.00 PM/

 

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for TUESDAY: 12:00 PM

London: CLOSED UP 25.17  0.43%

German Dax :  CLOSED DOWN 51.95 POINTS OR .43%

 

Paris Cac CLOSED DOWN 51.95 POINTS 0.41%

Spain IBEX CLOSED DOWN 43.70 POINTS or 0.65%

Italian MIB: CLOSED UP 102.24 POINTS OR 0.54%

 

 

 

 

 

WTI Oil price; 39.46 12:00  PM  EST

Brent Oil: 41.67 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    76.12  THE CROSS LOWER BY 0.03 RUBLES/DOLLAR (RUBLE HIGHER BY 3 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.50 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 39.60//

 

 

BRENT :  41.71

USA 10 YR BOND YIELD:   0.672… plus 0 basis points

 

 

 

USA 30 YR BOND YIELD: 1.427..plus 0 basis points..

 

 

 

 

 

EURO/USA 1.1711 ( DOWN 51   BASIS POINTS)

USA/JAPANESE YEN:104.93 UP .244 (YEN DOWN 24 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.98 UP 32 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2739 DOWN 79  POINTS

 

the Turkish lira close: 7.6691

 

 

the Russian rouble 76.02   UP 0.13 Roubles against the uSA dollar.( UP 13 BASIS POINTS)

Canadian dollar:  1.3034 DOWN 2 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.32%

 

The Dow closed UP 148.77 POINTS OR 0.55%

 

NASDAQ closed UP 184.84 POINTS OR 1.71%

 


VOLATILITY INDEX:  26.53 CLOSED DOWN 1.25

LIBOR 3 MONTH DURATION: 0.272%//libor dropping like a stone

 

USA trading today in Graph Form

 

Stocks, Silver, Bonds, Black Gold, & Greenback Bid But VIX Election-Bump Worsens

Despite the apparently clarifying headlines regarding the Senate moving forward with a SCOTUS nomination, uncertainty around the election actually increased quite notably today (even as spot VIX slipped lower)…

Source: Bloomberg

Source: Bloomberg

It’s “Shut Up and Take My Money” deja vu all over again…

Echoing yesterday afternoon’s panic-buying…

1300ET appeared to mark the buy-buy-buy avalanche moment today, pushing all the US majors into the green and ending the longest losing streak since February… (Ugly at the cash open with buying accelerating when Europe closed)…

That 1300-1400ET surge was the biggest intraday (not opening or closing) buying program  since 9/4…

Source: Bloomberg

All the majors remain below their 50DMAs but the machines were large and in charge today to get Nasdaq back to run those 50DMA stops…

Another day, another short-squeeze…

Source: Bloomberg

Defensives and Cyclicals traded similarly once again with Defensives erasing yesterday’s losses…

Source: Bloomberg

Treasuries were mixed today but in a tiny range with the longer-end very marginally higher in yield and short-end very marginally lower in yield… (Japan will be back open for trading tonight)…bonds were sold from the US open to the EU close again.

Source: Bloomberg

The dollar extended yesterday’s rip to its highest in over a month…

Source: Bloomberg

Breaking above its 50DMA…

Source: Bloomberg

Silver managed gains (but gold was modestly lower)…

Oil prices managed modest gains, with WTI back around $40…

While oil managed small gains, XOM was down (for the 14th day in the last 15), sending dividend yield soaring further…

Source: Bloomberg

Spot Gold fell back below its 50DMA…

Source: Bloomberg

Gold fell to 2-month lows against the yuan…

Source: Bloomberg

Cryptos were generally flat on the day with Bitcoin hovering around $10,500…

Source: Bloomberg

Finally, Mission F**king Accomplished Fed…

Source: Bloomberg

And now your more important USA stories which will influence the price of gold/silver

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

Dollar Surges After Algos Misinterpret Evans Headline That “Fed May Raise Rates” Before 2% Inflation Hit

In a stark example of how the market responds to any given Bloomberg headline, moments ago the dollar surged, rising to a one month high, after Chicago Fed President Charles Evans was quoted as saying that “the Fed could raise interest rates before the average 2% inflation target is reached”:

  • EVANS: FED COULD RAISE RATES BEFORE AVG 2% INFLATION REACHED

The immediate result was a surge in the BBDXY which jumped to the highest since August 21…

… with the dollar surge also weighing on stocks.

Needless to say, this statement is bizarre coming from the uber dovish Fed and flies in the face of everything the Fed’s new inflation targeting framework hopes to achieve. However in yet another example of critical Fed communication being lost in translation, Julia Coronado of Macropolicy Perspectives explains why the market’s reaction appears to have been misplaced. As she notes, the Bloomberg headline was “terrible”, as Evans merely “acknowledged flexibility in the statement, that the inflation bogeyman still lurks in the minds of some on the FOMC, but NOT HIM. He prefers to run it hotter, not limit to a “timid overshoot.”

Of course, since Bloomberg is limited on the size of its headlines, it picked the key message and that was enough for algos to unleash momentum in the dollar. As a result, expect upcoming Fed speakers in the coming days to undo the damage that this particular “lost in translation” headline achieved.

ii)Market data/USA

USA HOME SALES

USA home sales jump to its highest level since 2006 especially in the high end.  Inflation?

(zerohedge)

US Existing Home Sales Jump To Highest Since 2006 As Million-Dollar-Plus Sales Explode

While the rebound in existing home sales is expected to slow (from the massive beat: +24.7% MoM surge in July), analysts still expected SAAR to extend its gains to the highest since 2006… and it did.

As expected, Existing Home Sales rose 2.4% MoM in August to 6.00mm SAAR – the highest since Dec 2006

Source: Bloomberg

“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” said Lawrence Yun, NAR’s chief economist.

“Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”

This is the highest YoY jump since Nov 2016…

Source: Bloomberg

Sales were very focused on the extreme high-end with a 44% increase in $1MM homes sold YoY…

Regional Breakdown:

  • Existing-home sales in the Northeast jumped 13.8%, recording an annual rate of 740,000, a 5.7% increase from a year ago. The median price in the Northeast was $349,500, up 10.4% from August 2019.
  • Existing-home sales increased 1.4% in the Midwest to an annual rate of 1,410,000 in August, up 9.3% from a year ago. The median price in the Midwest was $246,300, a 10.7% increase from August 2019.
  • Existing-home sales in the South rose 0.8% to an annual rate of 2.60 million in August, up 13.0% from the same time one year ago. The median price in the South was $269,200, a 12.3% increase from a year ago.
  • Existing-home sales in the West inched up 0.8% to an annual rate of 1,250,000 in August, a 9.6% increase from a year ago. The median price in the West was $456,100, up 11.8% from August 2019.

As Freddie Mac chief economist noted,

“Despite the recession, low rates have spurred first-time homebuyer activity, up 19% in August from July. This rebound in the housing market comes at a critical time for the economy.”

Yun reiterated a similar message on a call with reporters, noting that if Congress fails to pass an additional virus-relief package, “it doesn’t help” but the housing market “will remain strong” because of near record-low rates,

“I do expect a further increase in sales for the remainder end of the year. There’s plenty of buyers in the pipeline.”

Multi-family/Rental units dominated the sales…

  • Single-family home sales sat at a seasonally-adjusted annual rate of 5.37 million in August, up 1.7% from 5.28 million in July, and up 11.0% from one year ago. The median existing single-family home price was $315,000 in August, up 11.7% from August 2019.
  • Condominium and co-op sales were recorded at a seasonally adjusted annual rate of 630,000 units in August, up 8.6% from July and up 6.8% from one year ago. The median existing condo price was $273,300 in August, an increase of 7.8% from a year ago.

Finally, Yun notes that “over recent months, we have seen lumber prices surge dramatically… This has already led to an increase in the cost of multifamily housing and an even higher increase for single-family homes.”

Sending median home prices to record high at $310,000…

Quite a jump from the 2007 bubble peak of $230,000!

end

USA ECONOMIC COMMENTARIES

CHICAGO

Another bloody weekend in Chicago as 40 were shot 9 fatalities

(zerohedge)

Another Bloody Chicago Weekend Sees Almost 40 Shot, With Homicides Up 50%

Another grim weekend out of Chicago as the Sun Timesreportsat least 36 total shot, including 9 fatalities across the city after total figures were tallied Monday.

This is slightly down from the prior weekend which included 42 people shot, 12 of which died of their wounds.

The windy city has seen shocking numbers nearly every weekend over the past months, also earlier this month over a bloody Labor Day holiday weekend which saw a whopping 51 shot, including 10 deaths.

 

Via CNN

The deaths remain relatively young black males, with this weekend’s homicides all being male victims between the ages of 17 and 47 years old. A 16-year old was also shot, but is expected to survive:

The weekend’s youngest victim was a teenage boy critically wounded early Saturday in South Chicago. The 16-year-old was standing on the sidewalk about 2:15 a.m. in the 5000 block of West Monroe Street when someone fired shots from a dark blue vehicle in an alley, according to police. He was hit in the chest and taken to Stroger Hospital in critical condition.

Chicago police have that tallied shootings are up 50% compared to this time last year. Here are the numbers according to local reports:

But, overall, shootings and murders are up 50% compared to last year, according to Chicago Police Department statistics. Through Sept. 13, police have recorded 544 murders in 2020 compared to 364 murders during the same time in 2019.

The same increase applies to shootings. The city has seen more than 2,220 shootings in 2020 compared to about 1,500 over the same time in 2019, according to the statistics.

The weekend period running late Friday into Monday morning remain the deadliest portion of the week, with warm weekend holidays typically witnessing the worst numbers.

end
NEW YORK
Now that New Jersey has its 10.75% on millionaires (earning over one million dollars), is New York next and will that cause many to leave the Tristate area for Florida?
(zerohedge)

Millionaire Tax Coming To New York Next?

Last Thursday, after a grueling three year crusade to make life for taxpayers in the second-lowest rated US state even more unbearable…

… New Jersey finally passed a tax on millionaires fulfilling a long-running dream of governor Phil Murphy and Democratic leaders.

Facing a fiscal crisis of epic proportions, Murphy finally convinced holdout lawmakers to raise the tax rate on earnings over $1 million to 10.75%, up from 8.97%. As we noted last week, it remains unclear how quickly this decision will prompt an exodus of the state’s richest residents. What was clear, however, is that it was only a matter of time before other Democrat-run, fiscally-irresponsible states would follow NJ’s lead now that the seal has been broken. After all, progressives in Albany have already been pushing governor Cuomo to consider a variety of bills, including one to raise the tax rate on those earning more than $100 million to almost 12%.

So just a few days later, the same progressives have lowered their sight on what the “fair” wealth redistribution cutoff should be, and as the WSJ reports, New York legislators said New Jersey’s agreement to increase taxes on millionaires should be matched in New York, and are pushing the state Legislature here to convene soon to consider a revenue package.

To make sure they are heard loud and clear, a coalition of advocacy groups called #FundExcludedWorkers, which includes unions representing nurses and auto workers, is planning a Friday protest along Park Avenue to call for taxing the income and wealth of billionaires.

Just like New Jersey, which was hit hard by the coronavirus pandemic, New York has seen a $14.5 billion decline in state revenues, but so far Gov. Cuomo has pushed off negotiations on adjusting the state budget in the hope that Congress will appropriate additional aid. The Democratic governor said last week that might mean a delay until after the November election.

Of course, for some progressive lawmakers such a delay is unacceptable and pointing to New Jersey, they say that the passage of the millionaire tax undercuts Cuomo’s argument, and they will increase pressure for action.

To be sure, they’ve already done the math: New York State currently taxes income over $1,077,550 at a rate of 8.82%. If New York matches New Jersey and income over $1 million is taxed at 10.75%, the state could generate an additional $5.28 billion a year, according to the Fiscal Policy Institute, a labor-backed think tank.

“While New Yorkers bore the brunt of Covid-19 in lives lost and economic disruption, our state leads the nation in income disparity, and that is reflected in our tax code,” said Jonas Shaende, the organization’s chief economist.

For now Cuomo – who understands the migratory mechanics of a tax hike all too well, and realizes that in the long run it would cripple the state’s tax revenue – is still resistant to the idea, desperately hoping for a Federal bailout instead. His budget director, Robert Mujica, said after the New Jersey announcement that most of New York’s top earners live and work in New York City, where the top combined city and state income tax rate is 12.6%. Mujica has frequently said that the highest-earning 2% of New York tax filers account for a majority of income tax receipts.

“There is much discussion about the state and nation’s economic condition and the options available to New York state. Let’s make sure the discussions are informed,” Mujica said.

Meanwhile, Republicans argue that New York should first look to reduce spending before increasing taxes, but of course that argument won’t get them anywhere at least not for a few more years, before the state implodes after taxes on the rich become unbearable and the entire state suffers a fiscal collapse. Only then will conservative policies re-emerge but until then, New York – like New Jersey – should brace itself for an even more dire budget picture as the rich flee.

“I’ve never been jealous of Jersey before,” said New York Assemblywoman Yuh-Line Niou, a Democrat from Manhattan who would be much less jealous if New York also agreed to pass a law taking from the rich. “It goes to show something, and means we can’t use the excuse that people will go to Jersey if we raise taxes.”

No, but the same millionaires and billionaire you are targeting can just easily leave the tri-state area for good – especially in this age of working for home – and head for Florida or any other state that will gladly accept New York’s wealthiest.

 

‘Financially Devastated’: 87% Of NYC Bars, Restaurants Couldn’t Make August Rent | The Daily Caller

“Happening in large cities and tourist destinations around the world.

This is what happens if you throw over 300M people out of work and destroy trillions of dollars of economic activity, with no substitute activity.
Foolish people think they can affect a “Great reset”; no way is this possible. Time to do this is past, as the only fallout is financial pain.
Part of the reason, we continue to see the false narrative of Covid cases growing is that testing is growing daily and so yes the number of so called cases is destined to rise. And no, deaths are not rising proportionally. But fear mongering is intensifying with the slow drip of closures and warnings. One might ask why? It is simply that politicos are starting to wake up to the sheer financial and economic pain that has been delivered by lockdowns. Will a politician admit error? Of course not, as it is playbook to blame someone else and take credit for the unthinkable that did not happen and say it is their management that did the trick.
Fooled or not this experiment in making the world more socialist will not endure and will fail like it always has throughout history with all the grief and turmoil that accompanied the effort in the past. While many people think it is their civic duty to weak a mask, an equal number are against forced vaccines, which people are waking to as not in their best interests.
And yes, society will be reset but not in the way they intended as the populace reacts like they have always done throughout history. Expect various stresses to grow socially and economically through the next 2 years to give rise to a pattern of activity that will hold a chart of the future as the world rebuilds itself. And new companies and jobs will result. In New York, there is a new company that started up and is growing like crazy hiring staff to serve notices of default and eviction on tenants while a more recent one has started to followup on such notices offering packing and storage space for household move outs both within greater New York and further afield, 7 days a week.”

https://dailycaller.com/2020/09/21/new-york-city-survey-restaurants-bars-rent-coronavirus/

end

Good news! Romney is set to back trump’s nominee.  He now has the votes to replace RBG

(zerohedge)

Romney Agrees To Back Trump On Supreme Court Pick; McConnell Now Has Votes To Replace RBG

Utah Senator Mitt Romney (R) announced on Tuesday that he would support a floor vote on President Trump’s Supreme Court pick – giving Majority Leader Mitch McConnell (R-KY) a 53-seat majority and the votes needed to move forward in replacing the late Justice Ruth Bader Ginsburg, according to Politico.

“I intend to follow the Constitution and precedent in considering the president’s nominee. If the nominee reaches the Senate floor, I intend to vote based upon their qualifications,” Romney said in a statement.

Romney said he was merely following the law in making his decision rather than taking a position based on the recent blockade of President Obama’s Supreme Court nominee, Merrick Garland, during the 2016 election. Romney said the “historical precedent of election year nominations is that the Senate generally does not confirm an opposing party’s nominee but does confirm a nominee of its own.”

He added that his decision is “not the result of a subjective test of ‘fairness’ which, like beauty, is in the eye of the beholder. It is based on the immutable fairness of following the law, which in this case is the Constitution and precedent.” –Politico

Another potential swing vote who recently committed to Trump’s Supreme Court nominee is Sen. Cory Gardner (R-CO), while Sens. Lisa Murkowski (R-AK) and Susan Collins (R-ME) say they won’t support a nominee this close to the election.

end
PENNSYLVANIA
An obscure law in Pennsylvania could result in 100,000 mail in ballots being thrown out without ever being counted
(Michael Snyder)

An Obscure Law In Pennsylvania Could Result In 100,000 Mail-In Ballots Being Thrown Out Without Ever Being Counted

Authored by Michael Snyder via The End of The American Dream blog,

We are still more than 40 days away from the election, and already we are seeing huge red flags regarding the integrity of the voting process in some states.  No matter who you support, you should want the upcoming election to be fair.  Every American should be able to vote, all of those votes should be counted, and the decision that the American people make should be respected.  Unfortunately, it appears that this is likely to be the most chaotic election in modern American history, and wrangling over what votes should be counted and what votes should not be counted is likely to persist long after election night is over.  In the end, it would not be surprising to see the outcome of the election end up at the Supreme Court, and that is a scenario that none of us should want to see.

Let me give you an example that shows why I am so concerned.  In Pennsylvania, a recent legal decision requires officials to throw out mail-in ballots without counting them if voters do not return them in “secrecy envelopes”

Philadelphia’s top elections official is warning of electoral chaos in the presidential battleground state if lawmakers there do not remove a provision in Pennsylvania law that, under a days-old court decision, requires counties to throw out mail-in ballots returned without secrecy envelopes.

This is a very big deal, because large numbers of votes could be voided in one of our most important swing states.

According to the Washington Timesit is being estimated that “more than 100,000 mail-in ballots” could potentially be thrown out…

Some 30,000 to 40,000 mail-in ballots could arrive without secrecy envelopes in Philadelphia alone in November’s presidential election, Deeley estimated, and the state Supreme Court’s interpretation of current law forces election officials to throw them out.

Statewide, that could mean throwing out more than 100,000 mail-in ballots in the Nov. 3 presidential election, according to some estimates.

In 2016, President Trump won the state of Pennsylvania by just 44,292 votes.

So eliminating 100,000 votes could potentially swing the outcome from one candidate to the other.

And if the national results are very close, whoever wins Pennsylvania could ultimately determine who wins the White House.

Sadly, this is not the only reason to be deeply concerned about the integrity of the vote in Pennsylvania.  Last week, the Supreme Court of Pennsylvania decided that the deadline for mail-in ballots will be “the Friday after Election Day”

The Pennsylvania Supreme Court issued three rulings on Thursday, extended the deadline for mail-in ballots to the Friday after Election Day, ruled voters could use dropbox to return mail-in ballots, and removed the Green Party’s presidential ticket from the ballot.

So does this mean that countless numbers of voters in the state could potentially cast votes after election day and still have them counted?

I am just imagining a scenario where one party is barely behind in the state on election night and then makes an all-out push to have more people vote by mail on Wednesday and Thursday.  If the party that is in the lead does not match that late push, that could also be something that flips the outcome of the election.

There are so many things that could go wrong, and I believe that we are headed for a giant mess no matter who wins.

Signs of trouble continue to pile up in other states as well.  In Wisconsin, a federal judge just decided that absentee ballots “can be counted up to six days after the Nov. 3 presidential election”

A federal judge ruled Monday that absentee ballots in battleground Wisconsin can be counted up to six days after the Nov. 3 presidential election as long as they are postmarked by Election Day.

The highly anticipated ruling, unless overturned, means that the outcome of the presidential race in Wisconsin might not be known for days after polls close. Under current law, the deadline for returning an absentee ballot to have it counted is 8 p.m. on Election Day.

Wisconsin is another one of the most critical swing states, and so this is very troubling news.

In so many states, we are going to have to wait for a long time after the election before we get final results, and that period of uncertainty is going to be very bad for our nation.

I just have such a bad feeling about what is going to happen in November.  It is being estimated that up to 40 percent of the population will vote by mail, and that number is far, far higher than anything that we have ever seen before.

And we also have millions and millions of people registering to vote without ever having to come face to face with anyone.  In fact, Facebook has announced that they have “already registered 2.5 million Americans to vote”

Facebook says it has already registered 2.5 million Americans to vote in the upcoming presidential election, with a goal of registering 4 million total before Election Day.

In a blog post in advance of National Voter Registration Day on Tuesday, the social-media giant touted its combined registration figures from Facebook, Instagram and Messenger, extrapolating from conversion rates from several states.

Seriously?

We all know that Facebook has millions of fake profiles.  In fact, I get friend requests from fake profiles constantly.

So who decided that it would be okay for them to register “millions of people” to vote?

And the way that some states are aggressively promoting mail-in voting is making a lot of people really upset.  One of my readers that intends to vote in person told me that in the past five weeks “my wife and I have received three requests each for mail in ballots!”

Another one of my readers has been very confused by the forms that she has been getting in the mail, because they make it seem like voting by mail is not optional…

“A few weeks ago I got a form in the mail about voting by mail. Days later I asked a neighbor about it because I want to vote in person and they said that we can vote in person. In today’s mail I received a letter from my secretary of state asking me why I had not begun the process yet. It doesn’t say that it’s optional, they are just leading us to believe it’s the only way we are going to be allowed to vote.”

This enormous push for mail-in votes is going to create an unprecedented mess, and the outcome of the presidential election is likely to be contested no matter who is ahead on election night.

Needless to say, a contested outcome is likely to spark even more civil unrest, and that won’t be good for our country at all.

This is such a critical moment for America, and the voice of every American should be respected.

But if the integrity of our voting process is compromised, that could result in someone winning the election that the American people did not choose, and that is something that none of us should want.

END
Should be interesting:  GOP will ask Supreme Court to limit Pennsylvania voting
(zerohedge)

In First Post-RBG Test, GOP Will Ask Supreme Court To Limit Pennsylvania Mail Voting

In what looks to be the first major test of the new post-RBG iteration of the Supreme Court, which could soon have a 6-3 conservative majority, the GOP is planning to ask SCOTUS to review a major PA state court decision that extended the due date for mail-in ballots in a critical battleground state.

The news was first reported by the Hill, but the party’s intentions were actually revealed in a set of court documents published overnight. The PA Supreme Court decision was handed down last week. Under the ruling, PA must accept ballots postmarked by Election Day, so long as they arrive within three days.

Ginsburg’s death leaves SCOTUS with a 5-3 conservative majority: However, both Chief Justice John Roberts and Associate Justice Neil Gorsuch have, in the past, broken with their fellow conservatives on decisions ranging from health-care to immigration. As Dems cry about the court moving to curtail voting rights, it’s important to remember nobody knows how a justice will rule on any given issue until a case has been heard. Their past rulings are merely a guide.

With the expectation being that Ginsburg’s replacement will be installed and sworn in before the court hears this ruling (Republicans are shooting to wrap up the confirmation votes next week after Trump announces his final decision on Saturday), it will be a test more broadly of where the conservative-dominated court stands on voting rights and access – issues that Democrats are trying to elevate.

20200921 133 MM 2020 – Application for Partial Stay of September 17 2020 Judgment (1) by Zerohedge on Scribd

PA Republicans argued the state court’s decision “creates a serious likelihood that Pennsylvania’s imminent general election “will be tainted by votes that were illegally cast or mailed after Election Day.”

In the petition, the state GOP says it has a “substantial case on the merits” that this presumption is preempted by federal law and violates the US Constitution. After all, SCOTUS earlier this year stayed a judgment extending Wisconsin’s implied postmark deadline for absentee ballots because the decision “extended the date by which ballots may be cast”.

ENDTwo thirds of all USA hotels state that they won’t last 6 more months at this current occupancy levels(zerohedge)

Time To Go All-In The “Big Short 3.0”? Two-Thirds Of US Hotels Say They Won’t Last Six More Month At Current Occupancy Levels

Now that hedge funds have finally started piling into the “Big Short 3.0″ trade, which as we first explained back in June is basically shifting the CMBS short from malls to hotels, every incremental development in the sector is closely scrutinized.

And judging by the continued decline in the fulcrum BBB- tranche of the CMBX Series 9 index which has the highest exposure to hotels, developments continue to be adverse with little sign of recovery on the horizon.

The latest tailwind blast for the CMBX 9 shorts came from a report from NorthStar according to which, without aid 74% percent of US hotels said they expect to lay off more employees, with a whopping two thirds of properties warning they won’t be able to last another six months at the current projected revenue and occupancy levels.

Needless to say, should two-thirds of the US hotel industry fold, shorting the CMBX S9 BBB- could well be the most profitable (institutionally sized) short in recent history when the Fed has effectively made shorting impossible.

Here are some more details from the report:

Seven months after the Covid-19 pandemic struck the United States, the hospitality industry is still reeling and the need for federal relief is growing dire. New research from the American Hotel and Lodging Association shows 68 percent of hotels have less than half of their normal staff working full time. In addition, more than two-thirds of hotels said they would not be able to last six more months at the current projected revenue and occupancy levels, and half of the hospitality owners polled said they are in danger of foreclosure. Without government assistance, 74 percent of hotels said they would be forced to lay off more employees. 

Another study released by the AHLA last month found that unemployment within the hospitality and leisure sector is at 38 percent, nearly four times that of the national average (10.2 percent). In an effort to the save industry, the organization is calling on lawmakers to swiftly pass additional Covid-19 relief.

“It’s time for Congress to put politics aside and prioritize the many businesses and employees in the hardest-hit industries. Hotels are cornerstones of the communities they serve, building strong local economies and supporting millions of jobs,” said Chip Rogers, president and CEO of the AHLA. “Every member of Congress needs to hear from us about the urgent need for additional support, so that we can keep our doors open and bring back our employees.”

According to the AHLA, urban hotels have been hit especially hard and are seeing occupancy rates around 38 percent. Research from hospitality-data provider STR shows the average occupancy rate for all U.S. hotels in August was 48.6 percent, up slightly from 47 percent in July. This marked the lowest occupancy rate for any August on record (STR was founded in 1985), and the company expects U.S. hotel demand will not fully recover until 2023.

“Our industry is in crisis. Thousands of hotels are in jeopardy of closing forever, and that will have a ripple effect throughout our communities for years to come,” said Rogers. “We need help urgently to keep hotels open so that our industry and our employees can survive and recover from this public-health crisis.”

Rogers recently indicated that more than 8,000 hotels could close in September if business travel does not pick up and funding from the Paycheck Protection Program runs out. According to AHLA, only 20 percent of hotels have received any debt relief from commercial mortgage-backed security lenders on Wall Street. Without aid from Congress, the industry association expects massive foreclosures.

More than half (58 percent) of Manhattan hotels remain closed, according to the latest Manhattan Lodging Index from PricewaterhouseCoopers. Findings from the report show approximately 61,450 hotel rooms in Manhattan had not reopened as of early September. Of these, nearly 2,700 are expected to be shuttered permanently.

“You won’t see meaningful increases in operating metrics for Manhattan hotels until we see a return of the business traveler, and that likely comes after a widely distributable vaccine and therapeutics become available,” said Warren Marr, managing director of U.S. hospitality and leisure for PwC.

Some properties are already closing their doors. Among the hotels lost to Covid-19 are the Omni Berkshire PlaceTimes Square EditionHilton WestchesterW New York Downtown and the Hilton Hotel Times Square, all of which are in New York state. A report from The Wall Street Journal suggests 20 percent of the state’s total hotel supply (about 250,000 rooms) could close permanently.

As an additional indicator of industry health, U.S. hotel transactions were down 74 percent year-over-year from March through May, according to the latest Hotel Transaction Almanac, produced by STR’s Consulting and Analytics office and CoStar Group. May represented the largest decline in the total volume of hotel deals, falling 94 percent compared with last year. According to STR, only 68 assets representing a combined total of $112 million were sold in the month of May, compared with 329 hotels worth $1.8 billion in May 2019. The number of transactions will likely begin to rebound as investors look for distressed inventory, according to the report.

Economic Impact of COVID-19

Since mid-February, U.S. properties have lost more than $46 billion in room revenue, according to the AHLA. Hotels across the country are on track to lose more than $400 million in room revenue per day due to COVID-19, which equates to losses of $2.8 billion weekly.

As a result, many hotels — 87 percent, according to the AHLA — were forced to furlough or lay off staff members. More than 7.7 million hospitality and leisure jobs were lost at the peak of the pandemic and 4.3 million remain out of work. Even as properties have reopened and occupancy picks up, layoffs continue. In many cases, furloughed employees are now losing their jobs permanently.

In the latest news, Marriott International plans to let go of 17 percent of its corporate workforce. According to The New York Times, the company confirmed that it will lay off 673 people in late October. Marriott had initially furloughed two-thirds of its corporate staff in March. In June, the furloughs were extended until early October. The hotel giant said it does not expect to return to prior levels of business until beyond 2021. Effective Sept. 20, Marriott will no longer be listed on the Chicago Stock Exchange, a move the company said would reduce administrative costs and requirements.

Hotel and casino giant MGM Resorts was expected expected to lay off 18,000 of its furloughed staff, starting Aug. 31. The company had furloughed 62,000 employees in March, according to Reuters.

InterContinental Hotels Group eliminated 10 percent of its corporate staff in July, as part of a $150 million cost-cutting plan that is expected to continue in 2021. Oyo Rooms, which operates more than 43,000 hotels with more than 1 million rooms around the world, announced in mid-July that more than 90 percent of its U.S. workforce would be let go.

Las Vegas-based Boyd Gaming, which owns and operates 29 casino properties across 10 states, many with hotels, announced July 13 that it had let go more than 25 percent of its workers. The cut essentially turns a large number of furloughs into permanent layoffs. According to a company spokesperson, the number of layoffs is “at the lower end” of 25 to 60 percent of the total workforce — the range that the company had warned in May could be affected.

In June, Hilton let go of 22 percent of its corporate workforce. Rosen Hotels & Resorts, which owns and operates nine properties in Orlando, has also announced layoffs. The company implemented a “substantial reduction of workforce across multiple locations” on July 31.

“It is with deep personal regret that I announce a significant downsizing of staff at Rosen Hotels & Resorts. Never in the 46-year history of my company would I have envisioned such a drastic decision,” said Harris Rosen, president and COO of Rosen Hotels & Resorts. “Since the onset of COVID-19 earlier this year, we have maintained as many staff as possible, with the hope of business returning to usual in June of this year. Regrettably, this did not come to pass… This is especially painful for me, as I consider these valued associates as extended members of the Rosen family, without whose contributions our company would never have achieved the success it has through the years.”

Doug Dreher, president and CEO of The Hotel Group, called the effect of the coronavirus pandemic on the hospitality industry “devastating” and expected his company to lay off at least a third of its workforce.

“It is for us the Great Depression, utterly devastating,” said Dreher. “We’ve tried to get ahead of it. We’re working with lenders, but we need help. We need help in every imaginable way. The human toll breaks your heart.” 

Reopening Hotel Properties

Many hotels have reopened their doors and are welcoming guests back with new cleaning protocols in place. Omni Hotels & Resorts, for example, has reopened most of its properties which had shut down during the pandemic. At the height of the pandemic, the hotelier had temporarily closed more than 40 of its properties. Only nine have yet to reopen, according to Omni’s travel advisory page.

Gaylord Hotels was forced to temporarily close its five properties in the U.S. Four have since reopened: the Gaylord Texan Resort & Convention CenterGaylord Opryland Resort & Convention CenterGaylord Palms Resort & Convention Center and Gaylord Rockies Resort & Convention Center. A reopening date for the Gaylord National Resort & Convention Center has not yet been set.

Gaming resorts, which were among the first to suspend operations en masse, are also reopening their doors. A Covid-19 Casino Tracker from the American Gaming Association reports that all 989 casinos in the U.S. were forced to close due to the pandemic. Of these, 901 have since reopened.

MGM Resorts and Wynn Resorts, for example, suspended operations at their Las Vegas properties on March 16. The companies, along with other Nevada gaming powerhouses such as Caesars Entertainment and Las Vegas Sands, reopened select casinos on June 4 in accordance with the state’s reopening plan. The companies are reopening more Nevada properties as demand rises. On Sept. 30, Park MGM and the NoMad Las Vegas will be the last MGM properties to begin welcoming guests again. Both will be smoke-free.

“Opening Park MGM and NoMad represent significant milestones, as they are the last of our properties to welcome back employees and guests alike,” said Bill Hornbuckle, CEO and president of MGM Resorts. “The last six months have presented extraordinary challenges and I could not be prouder of the MGM Resorts team for the tireless effort required to get us here. There is much work ahead as we remain focused on the health and safety of our employees and guests, but this is an important moment for us.”

Meanwhile, other hotels might be closed for good. This includes four Station Casino properties in Las Vegas that might never reopen, according to Frank Fertitta III, CEO of Station Casinos’s parent company Red Rock ResortsTexas StationFiesta HendersonFiesta Rancho and Palms Casino Resort have all been closed for months and might never welcome guests back. “We don’t know if — or when — we’re going to reopen any of the closed properties. We think it’s too early to make that decision at this time,” said Fertitta during the company’s Q2 earnings call on Aug. 4.

In Connecticut, two tribal casinos reopened on June 1. The Mohegan Sun and Foxwoods Resort Casino released detailed reopening plans with new safety protocols to keep guests and staff members safe. Atlantic City casinos reopened on July 2, and Massachusetts casinos also welcomed guests back in July. Plainridge Park was the first to reopen on July 8, followed by the Encore Boston Harbor on July 12 and MGM Springfield on July 13. Meanwhile, New York’s Resorts World Casino and Jake’s 58 Casino Hotel reopened on Sept. 9 and the Empire City Casino is scheduled to reopen on Sept. 21.

Despite a surge in new coronavirus cases in the state of Florida, Orlando’s Walt Disney World began a phased reopening of its theme parks and resort hotels on July 11. Disneyland, in Anaheim, Calif., had announced a July 17 opening but has postponed that as the state has yet to release reopening guidelines for theme parks. A new date has not been set.

A COVID-19 hotel-status directory from EproDirect, a hospitality industry marketing agency, indicates whether more than 4,000 hotels are currently open, and if they are accepting individual reservations and group bookings. While most of the properties listed are in the United States, hotel reps from any destination worldwide can list their hotel’s status for free.

New Openings and Renovations Delayed

The pandemic is also affecting properties in the pipeline. The Langham, Boston was due to unveil a multimillion-dollar renovation this fall. However, the completion date has been pushed back to early 2021 due to a local halt on construction.

The grand opening of Universal’s Endless Summer Resort – Dockside Inn and Suites has also been postponed. The resort was scheduled to open in mid-March; a new date has not yet been announced.

Marriott is expecting to open and sign fewer hotel deals in 2020 than anticipated. In addition, the company has temporarily deferred most brand standards to help owners and franchisees, including delaying renovations due in 2020 by one year, according to Marriott president and CEO Arne Sorenson.

“The coronavirus is fast becoming the most significant event to ever impact our business; that includes the 12-month period after 9/11 and the financial crisis of 2009,” said Sorenson during an investor update on March 19. But he noted that the development pipeline has not ground to a complete halt. “We’ve been signing deals and we have development committees that are meeting monthly. The volume is lighter and the numbers will be lower than we anticipated but they won’t be zero.”

iv) Swamp commentaries)

 

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.

We also noted that conditioned buyers that purchase ESZs on Sunday night for the expected Monday rally pushed ESZs into positive territory.   ESZs broke down during the Nikkei’s 2nd Session.  The decline turned into a tumble when Europe opened purportedly on fear that Covid outbreaks will harm the European economy.  The dollar, which had been down moderately, rallied sharply.  As we have recently noted, when the dollar rallies stocks decline and vice versa.

The dollar surge is due to: 1) The odds of a US stimulus package have collapsed due to the fight to replace RBG on the SCOTUS; and 2) Dem and MSM histrionics over the weekend, and expected future histrionics and ranting, greatly benefit Trump and GOP candidates in the looming election.

The dollar collapse of 2020 commenced in late March after Trump signed the massive Covid stimulus bill (Cares Act) into law on March 27, 2020.  The Fed enacted its various Covid-related lending in March. Another leg down appeared in the second half of May and a tumble occurred in July.

Trump’s poll ratings started to fall sharply in May; the decline accelerated in July.  The dollar has traded sideways since then as Trump’s poll ratings have increased sharply.  The dollar index hit a high of 93.777 on Monday.  94 is the breakout level that should induce the massive dollar short to scramble.  If an upside dollar breakout occurs, US stocks could suffer.

Trump says Supreme Court list is down to 5 people, announcement coming Friday or Saturday

“I think it will be on Friday or Saturday and we want to pay respect, it looks like we will have services on Thursday or Friday, as I understand it, and I think we should, with all due respect for Justice Ginsburg, wait for services to be over,” the president said…the president said that the final Senate vote for his potential nominee should be taken “before the election” and “should go very quickly.”…

https://www.foxnews.com/politics/trump-says-supreme-court-list-is-down-to-5-announcement-coming-friday-or-saturday

Trump fires back after Dems indicate impeachment could be used to block court nominee: ‘If they do that, we win’…all elections.”…https://www.foxnews.com/politics/trump-dems-impeachment-supreme-court

@JFNYC1: So Nancy Pelosi may impeach a President 40 days before an election, but the President may not nominate a justice 40 days before an election?

Bank stocks fall after documents allege $2 trillion in criminally-linked transactions https://trib.al/0oonB8I

AG Bill Barr dropped the hammer on lawless US cities and their mayors/governors on Monday.

Department Of Justice Identifies New York City, Portland and Seattle as Jurisdictions Permitting Violence and Destruction of Property – Identification is Response to Presidential Memorandum Reviewing Federal Funding to State and Local Governments that are Permitting Anarchy, Violence, and Destruction in American Cities

    “When state and local leaders impede their own law enforcement officers and agencies from doing their jobs, it endangers innocent citizens who deserve to be protected, including those who are trying to peacefully assemble and protest,” said Attorney General William P. Barr.  “We cannot allow federal tax dollars to be wasted when the safety of the citizenry hangs in the balance. It is my hope that the cities identified by the Department of Justice today will reverse course and become serious about performing the basic function of government and start protecting their own citizens.”…

https://www.justice.gov/opa/pr/department-justice-identifies-new-york-city-portland-and-seattle-jurisdictions-permitting?s=02

Chicago postal workers threaten to stop delivering mail after multiple employees shot on the jobhttps://trib.al/SMqxuzM

GOP Rep. Jordan: Americans Don’t Like Being Threatened by Pelosi, Nadler

Threats from Rep. Jerry Nadler (D-NY) to “pack the court” and House Speaker Nancy Pelosi (D-CA) to possibly use impeachment to thwart President Donald Trump’s Supreme Court appointment…

https://www.breitbart.com/clips/2020/09/20/gop-rep-jordan-americans-dont-like-being-threatened-by-pelosi-nadler/

Senate Judiciary @senjudiciary: Chairman @LindseyGrahamSC to Committee Democrats: “After the Treatment of Justice Kavanaugh I Now Have a Different View of the Judicial-Confirmation Process”Compare the treatment of Robert Bork, Clarence Thomas, Samuel Alito, and Brett Kavanaugh to that of Ruth Bader Ginsburg, Sonia Sotomayor, and Elena Kagan, and it’s clear that there already is one set of rules for a Republican president and one set of rules for a Democrat president. “I therefore think it is important that we proceed expeditiously to process any nomination made by President Trump to fill this vacancy. I am certain if the shoe were on the other foot, you would do the same.”     https://www.judiciary.senate.gov/imo/media/doc/Hearing%20Letter%20Response%2009.21.2020.pdf

The amazingly persistent myth of a non-political Supreme Court

Democrats must learn to grow up and accept the terms of America’s constitution

There is even precedent for a president who has been defeated to make Supreme Court appointments just after an election, too, in the lame-duck period before the new president and Congress take office. After John Adams lost the election of 1800 to Thomas Jefferson, he pushed through as many judicial appointments as he could, and that included making John Marshall the chief justice of the Supreme Court… What voters should heed carefully are the increasingly openly stated plans that progressives have to turn America into a one-party state, through a combination of mass immigration, identity-group exploitation, ranked-choice voting, abolition of the Electoral College, attempting to do away with equal representation in the Senate, and packing the Supreme Court. These are not the tactics of a Democratic party that thinks it can win by playing by the rules, though, at the same time, Democrats seem unable to accept the fact that in competitive elections they will sometimes lose…

https://spectator.us/amazingly-persistent-myth-non-political-supreme-court/

@KelemenCari: Oh look. Joe’s teleprompter [Large-screen] is bigger than his audience.

https://twitter.com/KelemenCari/status/1308036595577163782

@DailyCaller: Joe Biden: “I pledge allegiance to the United States of America. One nation, indivisible, under God, for real.”     https://twitter.com/DailyCaller/status/1308137518727131137

@th63970908: Texas has more acres of forest [62m]than California [33m] and currently zero fires.  Same global climate

@TheriomR: Over half, 58% of Pennsylvania is forest land. All luscious green currently. 97% of the 1

Well that is all for today

I will see you WEDNESDAY night.

 

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